e& enterprise, a part of e&, has signed a binding settlement to accumulate a majority stake in Beehive, MENA’s main peer-to-peer digital platform to faucet into alternatives within the Small and Medium Enterprise (SME) lending market.
Beehive, based in 2014, leads the crowdfunding platform house within the UAE, with operations in KSA and Oman. It connects creditworthy SMEs in search of finance with personal and institutional buyers, providing standard and Sharia-compliant loans.
The corporate just lately reached the milestone of facilitating over AED1.5 billion price of loans.
With this acquisition, e& enterprise will have the ability to present an progressive lending resolution to handle the $250 billion SME credit score gap1 throughout the GCC area combining its sturdy model positioning with a Fintech platform. This additionally marks the subsequent step in e& enterprise’s growth because the transfer demonstrates its dedication to opening new avenues of progress throughout the UAE and the area whereas enabling Beehive to scale its enterprise and broaden its choices.
The acquisition aligns with UAE’s Nationwide Agenda for Entrepreneurship, which goals to ascertain the nation as an entrepreneurial nation by 2031.
Salvador Anglada, CEO of e& enterprise, commented, “The acquisition of Beehive’s digital lending platform marks the second step in e& enterprise’s journey within the Fintech house after the launch of UAE Commerce Join in 2021. SMEs are vital drivers of the economic system, and there’s a want greater than ever to help their distinctive financing wants. With Beehive, we’ve the fitting technological innovation to speed up our agenda within the UAE and past.”
Craig Moore, Beehive’s Founder and CEO, mentioned, “This strategic alignment presents an enormous alternative to extend and speed up financing to SMEs throughout the area. The market-leading model, attain and imaginative and prescient of e& and e& enterprise permit Beehive to drive extra innovation and collaboration into the market. As one of many first regional Fintechs, this validates the Beehive group’s unimaginable effort during the last 9 years and displays the vibrancy and success of the UAE’s start-up ecosystem.”
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