UAE-Based CredibleX Raises Series A Round Led By Mubadala Investment Company As Part Of US$15 Million Equity Raise

Abu Dhabi-based lending platform CredibleX has raised a Series A funding round led by Abu Dhabi-based Mubadala Investment Company, with participation from an existing investor, Abu Dhabi-based Further Ventures, as part of a broader US$15 million equity raise.

As CredibleX looks to expand its role in the UAE’s financing ecosystem for SMEs, the new capital will support its growth across both its lending and non-lending business lines, alongside the expansion of its embedded finance infrastructure, lending marketplace, partner distribution network, and technology and data capabilities.

Founded by Ahmad Malik, Anand Nagaraj, and Hassan Reda in the UAE in 2023, CredibleX provides SMEs with access to working capital through a digital lending platform focused on embedded finance partnerships. Headquartered in the Abu Dhabi Global Market (ADGM) and regulated by its Financial Services Regulatory Authority (FSRA), the company offers financing products spanning receivables finance, payables finance, and revenue-linked financing.  

In an interview with Inc. Arabia, Nagaraj, co-founder and CEO of CredibleX, said that he and his team built the company to address one of the region’s most persistent business challenges: working capital for SMEs. “Our mission is to solve the working capital financing gap faced by SMEs in the region through embedded finance and technology-driven lending infrastructure," Nagaraj said. "At its core, CredibleX focuses on enabling faster and more intelligent access to working capital for SMEs through receivables finance, payables finance, and revenue-linked financing solutions.” 

The new investment in CredibleX comes after it had secured a $100 million senior secured credit facility in September 2025, which supported the expansion of its lending operations across the UAE. Today, CredibleX works with more than 70 distribution partners across the country, using embedded finance integrations to distribute financing products through partner ecosystems and SME networks. That expansion of lending operations is rooted in the team’s deep understanding of the operational complexities of SME financing—a factor that Nagaraj said also contributed to the company’s ability to attract institutional backing. 

"SME finance is a highly specialized segment, especially when it comes to underwriting working capital facilities, structuring receivables-based financing, and understanding operational risk in emerging markets," Nagaraj explained. "Our investors recognized that this wasn’t simply a technology-first lending business trying to ‘grow at all costs.’ The team had significant experience across credit, fintech, risk management, and embedded finance infrastructure. That operational and institutional understanding helped position CredibleX as a long-term infrastructure enabler for SME finance rather than just another fintech lender.” 

And even as embedded finance continues to attract more players across the MENA, Nagaraj pointed out that large parts of the SME market remain overlooked—particularly businesses that fall between conventional bank financing and digitally scaled small-ticket lending models. “One of the biggest misconceptions is that when people talk about SMEs, they immediately think of micro-retail businesses like small shops, cafés, restaurants, or trading outlets," Nagaraj noted. "But 'SME' is an extremely broad category. A manufacturing company generating $30 million in annual revenues and operating successfully for the last 10 years is still technically an SME. Many of these businesses continue to face substantial working capital gaps despite having established operations, audited financials, and long operating histories.”  

These financing challenges are especially evident in sectors where funding needs are closely tied to operational cycles and supplier relationships, Nagaraj noted. “Traditional financiers often struggle to serve these companies efficiently, because underwriting mid-market working capital facilities can be operationally intensive," he explained. "At the same time, many SME-focused fintechs tend to focus on smaller-ticket, higher-volume retail-style lending because it is easier to scale digitally. As a result, there is still a major underserved opportunity in financing mid-market SMEs involved in manufacturing, logistics, wholesale trading, and B2B services, particularly businesses with genuine cash conversion cycle gaps tied to receivables, inventory, or supplier payments. In our view, this segment remains significantly underpenetrated and represents one of the most compelling opportunities in regional SME finance.” 

Nagaraj also pointed to broader shifts in financial infrastructure currently underway across the region that could reshape how SME financing is structured over the coming years, particularly as governments continue to digitize tax and financial reporting systems. “One of the most important shifts will be the increasing digitization of financial and tax infrastructure across the region," he said. "For example, as value-added tax (VAT) systems become more digitized and standardized, financiers gain far greater visibility into SME cashflows and receivables. This creates a powerful opportunity to scale receivables-based financing in a much more efficient and data-driven manner."

Nagaraj also highlighted that, historically, one of the challenges in SME financing has been the lack of reliable and verifiable operating data; however, he noted that the advent of digital tax infrastructure can significantly change that equation. "Over the next few years, I believe we will see a transition away from unsecured cashflow lending toward more structured forms of working capital finance that are linked to real economic activity evidenced through invoices, receivables, supply chains, and payment flows," he said. "That evolution could become a major catalyst for SME growth across the region, because access to working capital is often the single biggest constraint preventing SMEs from scaling."

As financing thus becomes increasingly tied to tangible business performance rather than projections alone, Nagaraj suggested that entrepreneurs operating in the region must approach growth with the same mindset. Drawing on his experience building CredibleX in a more cautious funding environment, Nagaraj noted that founders must keep their attention on the basics of revenue, efficiency, and sustainable economics. “The biggest piece of advice I would give founders is to always remember that businesses ultimately need to make money," he said. "At the end of the day, revenues, operational efficiency, and eventually earnings before interest, taxes, depreciation, and amortization (EBITDA) matter. Whether profitability comes today or later, a business still needs a clear path toward sustainable unit economics. In more uncertain environments, investors become significantly more disciplined. Growth alone is no longer enough. Investors want to see resilience, operational discipline, and evidence that the business model genuinely works.”  

But while the current environment may be defined by tighter scrutiny, Nagaraj pointed out that there are also new opportunities for founders who know how to use them. “The good news is that founders today also have access to extraordinary tools, particularly through artificial intelligence (AI)," he explained. "AI is dramatically improving speed, productivity, and operational efficiency, allowing startups to achieve levels of scale that previously required far larger teams and capital bases. Founders who combine strong fundamentals with intelligent use of technology can build extremely scalable businesses even in difficult market environments.”

Pictured in the lead image are members of the teams from CredibleX and Mubadala Investment Company. Image courtesy CredibleX.