UAE fintech startup CredibleX unleashes next-generation lending solutions with new ADGM licenses
CredibleX, MENA’s pioneering embedded finance platform, has launched after being granted regulatory licenses from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). These licenses provide a robust regulatory framework for its launch, bringing confidence and trust to CredibleX’s partners and customers. It has also announced partnerships with ADGM as the first fintech partner of its SME financing platform, Numou; as well as with partners in FMCG and financial services. CredibleX is a game-changer for the region as its embedded finance approach enables businesses to provide their SME customers with instant access to lending solutions at scale. During 2024, CredibleX is aiming to reach 20,000 SMEs with its easy-to-use, embedded finance approach.
Salem Mohammed Al Darei, ADGM Authority, CEO said, “We congratulate CredibleX on receiving their regulatory license from ADGM and welcome them to our vibrant ecosystem. As launch partners of ADGM’s SME Financing Digital platform, Numou, we take great pride in CredibleX and its commitment to developing financing solutions for small and medium-sized businesses, promoting financial inclusion in the aim of accelerating economic growth. At ADGM, we are committed to fostering a cohesive ecosystem of like-minded partners and look forward to witnessing the positive impact of CredibleX and our fellow ecosystem members.”
CredibleX Co-Founder Ahmad Malik (pictured) said, “According to official UAE government figures, over 60% of non-oil GDP comes from the SME economy. Yet, SMEs often struggle to access credit to grow their businesses or smoothen their cash flow. We see a clear opportunity to improve access and choice towards this underserved segment. Embedded finance, which integrates financial services into non-financial businesses, is an innovative way to serve SMEs through a wide network of business partners. With the regulators’ approval, we can enable faster, easier, and simpler access to credit for SMEs through the platforms they use daily.”
CredibleX’s proprietary technology can instantaneously assess credit risk and pre-approve a host of lending options for SMEs. These businesses typically wait weeks or months with no visibility on the status of their application. Now, through secure embedded technology, business owners can receive a result of their application in minutes, with funds disbursed to their account within 24 hours.
Importantly, through collaboration with CredibleX, business providers and platforms can better serve their SME customers while CredibleX takes care of risk, repayments, and compliance. Embedding CredibleX comes at no charge for partners, and the setup time is a matter of days.
CredibleX is addressing a critical sector of the economy in line with the UAE’s National Agenda for Entrepreneurship and SMEs, with the number of SMEs projected to double by 2030 to more than 1 million across the UAE alone. Despite representing 90% of businesses, only 10% of loans currently go to SMEs. Globally, according to The International Finance Corporation, around 65 million, or 40%, of formal micro, small, and medium enterprises in emerging markets have an unmet financing need of $5.2 trillion every year. New forms of embedded financing play an essential role in supporting these businesses.
