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Bluering, yet another promising FinTech startup from MENA, has announced the successful completion of its latest funding round led by Phoenician Fund, a VC firm focused primarily on the region’s emerging business still in their seed stage. With the additional fund accumulated during the now-concluded round, Bluering now finds itself in a much stronger position to execute its regional growth strategy.

“We are very excited to deepen our relationship with Phoenician Fund who have offered us great support with a global mindset. A large fraction of the funding will be used to support our banking products’ innovation with the values of digitally transforming Credit Risk Management,” says Fares Kobeissi, Bluering’s Chairman and CEO. Additionally, the startup will also utilize a part of the newly raised fund in other disciplines such as sales, marketing, and business development.

Bluering was founded with the vision of making life easier for “every credit expert.” It uses state-of-the-art technology to digitally transform banks’ credit risks by facilitating retail credit risk management and rating value solutions for businesses.

The startup is currently based out of Lebanon’s Beirut Digital District, and it boasts a versatile team of technology and credit experts. With an ambitious roadmap powering its expansion goals, Bluering has vowed to introduce one of the best Digital Retail Credit Risk platforms by the end of 2018.