Maalexi, a risk management platform that supports agricultural goods trade, has secured a US$3mn debt finance facility from Citi that will help it buy more cargoes directly from exporters. 

The US-headquartered company uses proprietary data and AI-powered processing to assess payment and performance risks associated with SME buyers and sellers.  

It uses that information to let UAE-based buyers reduce risks associated with food imports, which it says boosts opportunities for food producers while addressing food security concerns in the Middle East.  

Maalexi also purchases goods from producers and sells to buyers directly. 

Chief executive and co-founder Azam Pasha says the credit facility from Citi will improve Maalexi’s liquidity, strengthening its ability to procure commodities from exporters at origin, largely from US-based SME producers. 

This strategy will “assure sustainable food supplies at transparent prices and costs to our local SME buyers in the UAE”, he says.  

“This will also support us to acquire and further build our proprietary datasets and upgrade our AI-powered data processing abilities to identify, develop and patent new technologies.” 

The company says that although the US boasts the world’s largest food and agricultural exports sector, it supplies only 6% of food imports in Gulf Cooperation Council (GCC) countries. At the same time, the GCC relies on imports for 85% of its food consumption. 

“This limited market penetration stems largely from US SMEs struggling to establish reliable trade connections and manage risks when exporting to GCC markets,” Maalexi says. 

The announcement follows last year’s US$3mn capital raise in a pre-series A funding round led by venture capital firm Global Ventures. 

Since then, the company says its revenue has grown by around 50%, and its transaction volumes were up a fifth year-on-year as of December 2024. 

It has also reached a strategic agreement with a port operator and logistics provider to manage inventory in UAE warehouses, and partnered with a trade credit insurance provider to exchange business intelligence information used to evaluate buyer and seller risks.