International Holding Company (IHC) has completed its acquisition of eFunder and rebranded the platform as Zelo. The move targets a $250 billion financing shortfall facing small and medium-sized enterprises (SMEs) in the Middle East and North Africa.
Zelo, fully licensed and regulated by ADGM’s Financial Services Regulatory Authority since August 2020, converts approved invoices into working capital within 24 to 48 hours. The platform has processed over 9,000 transactions, deploying more than $200 million in funding.
SMEs make up over 95% of registered businesses in the UAE and contribute more than 50% of the country’s GDP, but often experience payment delays of 60 to 120 days. Zelo addresses this by offering invoice financing across sectors, including construction, logistics, healthcare, industrial services and oil & gas.
IHC CEO Syed Basar Shueb stated that the acquisition aligns with the company’s goal of developing “smart, scalable solutions” to support economies through faster SME growth. Zelo CEO Dhanush Arjun stated that the focus is on removing payment delays to allow immediate reinvestment and scaling.
Zelo will operate independently under the leadership of its co-founders, Arjun and Deepak Sekar (COO), and remain subject to ADGM regulation. As part of IHC’s broader fintech strategy, Zelo aims to expand access to capital and support the development of the SME ecosystem.
