Pollen Street Capital has announced a US$100 million senior secured credit facility for CredibleX, a SME lender based in the UAE.

CredibleX, founded in 2023, provides SMEs with access to working capital through its digital application platform.

The company has developed a network of more than 60 distribution partners and employs over 40 staff in the UAE.

It is regulated by the Financial Services Regulatory Authority (FSRA) at ADGM with a lending license, offering solutions including receivables financing, payables financing, and short-term loans.

The company was founded by Anand Nagaraj, Ahmad Malik, and Hassan Reda, who have backgrounds in global banks, fintech firms, and neobanks.

Its model centres on embedded partnerships to reach SME customers efficiently.

The agreement marks Pollen Street’s first transaction in the UAE, following the opening of its offices in Abu Dhabi.

The facility is intended to support CredibleX’s expansion and lending activity in the region.

Anand Nagaraj, Co-Founder and Chief Executive of CredibleX, said:

“This funding represents a major milestone in CredibleX’s growth journey and validates our embedded finance approach to SME lending in the UAE market. The facility will enable us to significantly expand our footprint in the UAE market and better serve the growing demand for working capital solutions among SMEs.”

Matthew Potter, Partner at Pollen Street, commented:

“We are thrilled to partner with CredibleX and provide this senior secured facility to further support the business as it grows and expands its loan book. The team have extensive experience in lending and building businesses in the region for over 20 years. This deal is also a milestone for Pollen Street as our first transaction in the region, following the opening of Pollen Street offices in Abu Dhabi.”

Featured image credit: Edited by Fintech News Middle East, based on image by jcomp via Freepik