MENA region’s leading B2B marketplace, Tradeling announced extending over 15 million dirhams in credit terms to over 65 UAE-based companies during H1 of the current year.
Tradeling’s finance solution enables SMEs, to make purchases for their businesses from a wide array of regional and international sellers listed on the company’s platforms with several credit offerings including those provided by partner banks and payment gateways in addition to the platform’s in-house credit terms.
These solutions offer added value to strengthen the SME ecosystem and support economic development on top of what the UAE is doing to encourage SME growth in the region.
According to a Q1 2022 economic review by the Central Bank, lending rebounded by 4.4 percent year on year, reflecting improved credit sentiment. Gross credit stood at Dh1,832 billion at the end of March 2022, compared to Dh1,794 in December 2021, whereas Domestic credit (89.5 percent of total loans) increased by 3.1 percent, compared to the year-ago period. This is important as over 94 percent of all companies operating in the UAE are SMEs and contribute nearly 40 percent of Dubai’s GDP. Through Tradeling finance solutions, SMEs can increase liquidity and increase cash flow.
Marius Ciavola, Chief Executive Officer at Tradeling said “In line with the UAE’s efforts to drive the growth of SMEs, we are focused on providing our customers with access to trade finance solutions that include direct credit terms and installment options through our in-house capabilities and through leveraging the integrated strategic partnerships. We offer our customers seamless application and approval processes that further solidify our credit finance offering”
He added: “We aim to be more than a marketplace to our customers, rather a partner in their journey of growth. It is our commitment to simplify the way they carry their digital business transactions with hassle-free financing support of their procurement needs”
Since its inception in February 2020, Tradeling witnessed exceptional revenue growth of more than 35% month on month and its product selection reached over 1 Million products within 14 categories. Today, Tradeling has over 150,000 registered buyers and sellers from 55 countries and has seen a notable 100,000 requests for quotations and inquiries.
