ABU DHABI, 4th May, 2023 (WAM) -- e& enterprise, part of e&, has signed a binding agreement to acquire a majority stake in Beehive, MENA's leading peer-to-peer digital platform to tap into opportunities in the Small and Medium Enterprise (SME) lending market.
Beehive, founded in 2014, leads the crowdfunding platform space in the UAE, with operations in KSA and Oman. It connects creditworthy SMEs seeking finance with private and institutional investors, offering conventional and Sharia-compliant loans.
The company recently reached the milestone of facilitating over AED1.5 billion worth of loans.
With this acquisition, e& enterprise will be able to provide an innovative lending solution to address the $250 billion SME credit gap1 across the GCC region combining its strong brand positioning with a Fintech platform. This also marks the next step in e& enterprise's expansion as the move demonstrates its commitment to opening new avenues of growth across the UAE and the region while enabling Beehive to scale its business and expand its offerings.
The acquisition aligns with UAE's National Agenda for Entrepreneurship, which aims to establish the country 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 in the Fintech space after the launch of UAE Trade Connect in 2021. SMEs are important drivers of the economy, and there is a need more than ever to support their unique financing needs. With Beehive, we have the right technological innovation to accelerate our agenda in the UAE and beyond."
Craig Moore, Beehive's Founder and CEO, said, "This strategic alignment presents a huge opportunity to increase and accelerate financing to SMEs across the region. The market-leading brand, reach and vision of e& and e& enterprise allow Beehive to drive more innovation and collaboration into the market. As one of the first regional Fintechs, this validates the Beehive team's incredible effort over the last nine years and reflects the vibrancy and success of the UAE's start-up ecosystem."