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Abu Dhabi's IHC has acquired eFunder, a digital platform that provides financing to small and medium-sized enterprises (SMEs).
The platform, which is now being rebranded to Zelo, seeks to address a nearly $250 billion SME credit shortfall in the Middle East and North Africa (MENA) region. It promises to convert outstanding invoices of SMEs into quick cash through the so-called invoice financing scheme.
Zelo has so far facilitated more than 9,000 transactions and deployed more than $200 million in funding to date.
The acquisition, which highlights the UAE-listed company's commitment to innovation and SME enablement, reinforces the UAE's position as a fintech hub.
With IHC's investment, the newly acquired company is expected to expand access to capital for businesses across various industries, including construction, logistics, healthcare, industrial services, and oil and gas.
(Writing by Cleofe Maceda; editing by Seban Scaria)
