Pollen Street Capital has provided a $100m senior secured lending facility to CredibleX, a United Arab Emirates-based SME lender, marking the private equity firm’s first investment in the Gulf state, according to a report by Bloomberg.
The financing follows Pollen’s recent opening of an office in Abu Dhabi and underscores the growing appetite for private credit across the Middle East. CredibleX, founded in 2023, offers working capital, receivables and payables financing, and short-term loans to small and medium-sized businesses. The fresh capital will support the expansion of its loan book and footprint across the UAE.
Private credit has been gaining traction in the region, with global banks such as Goldman Sachs, JPMorgan and Citi all extending sizeable facilities to fintech platforms in recent years. Ethan Saggu, investment director at Pollen Street, noted that the UAE’s diversification away from oil has created a “vibrant SME sector” and an expanding need for working capital.
