e& enterprise, a subsidiary of e&, has entered into a binding agreement to acquire a controlling stake in Beehive, a UAE-based peer-to-peer digital platform in the MENA region, aiming to capitalize on opportunities in the SME (Small & Medium Enterprises) lending market.
Through this acquisition, e& enterprise aims to offer an innovative lending solution that addresses the $250 billion SME credit gap1 in the GCC region by combining its established brand with a Fintech platform.
This move also signifies the next phase of e& enterprise’s expansion, showcasing its dedication to exploring new avenues of growth in the UAE and the wider region, while providing Beehive with the opportunity to scale its business and broaden its services.
The acquisition is in line with the UAE’s National Agenda for Entrepreneurship, which seeks to position the country as a hub for entrepreneurship by 2031.
“The acquisition of Beehive’s digital lending platform is the next step in e& enterprise’s Fintech journey, following the launch of UAE Trade Connect in 2021,” stated Salvador Anglada, CEO of e& enterprise.
“SMEs are crucial to driving the economy, and it is more important than ever to support their distinct financing requirements. With Beehive, we have the ideal technological innovation to advance our agenda in the UAE and beyond,” Anglada added.
Read more: UAE’s e& records consolidated revenues of $3.5 bn in Q1
Significant opportunity
Craig Moore, Founder and CEO of Beehive, expressed, “This strategic alignment offers a significant opportunity to enhance and expedite financing to SMEs in the region. The powerful brand, extensive reach, and vision of e& and e& enterprise enable Beehive to inject more innovation and collaboration into the market. As one of the first Fintechs in the region, this validates the remarkable efforts of the Beehive team over the last nine years, and showcases the dynamism and triumph of the UAE’s startup ecosystem.”
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