Deem Finance, a leading financial institution in the United Arab Emirates, has secured asset-backed financing of up to $400 million from JP Morgan.
This financing aims to strengthen the company’s financial position and expand its lending capabilities to support small and medium-sized enterprises (SMEs) as well as individuals across the country.
Under the agreement, JP Morgan will provide revolving credit facilities backed by receivables generated by Deem Finance across various asset classes.
The funding is expected to enhance the company’s balance sheet and increase the size of its loan portfolio, thereby meeting the financing needs of a broad customer base.
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The company is committed to supporting underserved communities by offering innovative and tailored financial solutions.
Chris Taylor, the company’s CEO, emphasized that this financing aligns with Deem’s strategy of providing credit facilities that empower individuals and businesses to achieve their financial goals.
The funds will be allocated to strengthen Deem Finance’s product offerings, including credit cards, personal loans, business financing, and auto loans, ensuring the diverse financial needs of the UAE market are met.
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