Abu Dhabi, UAE – Numou, a cutting-edge digital lending marketplace, has officially launched with the aim of transforming the financing landscape for small and medium-sized enterprises (SMEs) in Abu Dhabi and the broader UAE. This fully digital platform simplifies the process for UAE businesses to access a wide range of financial products through an easy-to-use online application, directly connecting them with appropriate lenders.
SMEs are a vital part of the UAE economy, accounting for around 94% of all businesses and contributing approximately 40% to the national GDP. However, despite their significant role, many SMEs face difficulties securing timely and adequate financing. According to the latest data from the Central Bank of the UAE (CBUAE), only 9.5% of the total financial facilities extended by banks in the UAE have been granted to SMEs.
Numou aims to bridge this gap by offering a user-friendly platform where businesses can submit a single online application, which is then shared with multiple lenders. This approach ensures greater transparency, efficiency, and allows SMEs to choose the most favorable financing options.
Key Features of Numou:
- For SMEs: Numou streamlines the loan application process by collecting all the necessary business data, reducing paperwork and eliminating the need for multiple applications and branch visits. The platform also provides full visibility into lenders’ rates, terms, and processing times, helping businesses make informed decisions and reducing overall loan costs and processing times.
- For Financial Institutions: Lenders receive standardized applications, making credit assessments more efficient and expediting the approval process. Numou will continue collaborating with financial institutions to offer innovative SME financing solutions.
Initial Lending Partners:
- Khalifa Fund for Enterprise Development: A government-backed entity offering innovative funding products, including medium to long-term interest-free loans to support qualifying startups and local business growth across various sectors.
- Credible-X: A digital private credit financing partner providing term loan products and receivable financing options, catering to the needs of early-stage businesses.
Mrs. Mouza Al Nasri, Acting CEO of Khalifa Fund for Enterprise Development, emphasized the importance of leveraging technology and knowledge to foster SME growth. “This partnership marks a significant step in supporting SMEs and underscores our shared vision to empower the entrepreneurial ecosystem. By streamlining access to funding, SMEs will be better equipped to grow and thrive,” she stated.
Khalifa Al Zaabi, General Manager of Numou, added: “By consolidating a comprehensive range of lending options on one platform, we enable businesses to access the capital they need quickly and efficiently. Numou is a testament to Abu Dhabi’s commitment to supporting the SME sector, which is essential for the diversification and growth of the economy.”
Looking ahead, Numou plans to broaden its offerings to include supply chain financing (factoring) and equity financing, further expanding the financial products available to SMEs. This aligns with the UAE’s vision to develop a dynamic and diversified economy where SMEs play a crucial role in sustainable growth and innovation.
Numou is committed to empowering the UAE’s SME ecosystem by offering seamless access to financing and fostering economic growth.
