TruKKer, the Middle East’s leading digital freight network, announced the successful closing of an inaugural trade receivables securitisation facility of up to US$300 million. Abu Dhabi Commercial Bank PJSC (ADCB) acted as the Sole Arranger and Sole Lender for the bespoke facility, which is backed by portfolios of trade receivables across the company’s operating geographies.
A First-of-its-Kind Securitization for a high-growth technology startup in the GCC
This facility marks one of the first multi-jurisdictional, asset-backed securitisations in the Middle East, representing a significant evolution in the regional credit markets. By bridging the gap between traditional institutional banking and high-growth technology platforms, the transaction establishes a new blueprint for financing the digital economy. Structured as a non-recourse, securitisation, the financing using a murabaha facility successfully harmonizes complex legal and regulatory frameworks across the UAE, Saudi Arabia, and Turkey. By unlocking institutional-grade capital at this scale, TruKKer cements its status as a sophisticated, “bankable” enterprise and a leader in the regional logistics sector.
“This transaction is a milestone not only for TruKKer but also for the broader regional technology ecosystem. It gives us access to working capital at benchmark pricing and marks an important step in the evolution of our capital strategy. The facility represents a key inflection point in our journey to build the ‘Uber of Trucks’ for the region, while supporting the development of logistics as a core enabler of our economies,” said Gaurav Biswas, Founder & CEO of TruKKer. “Transitioning from traditional equity funding to structured, non-recourse securitisation requires an institutional-grade technology and financial backbone. ADCB’s strong structuring capabilities and deep understanding of our operating model made them an ideal partner in designing a bespoke facility that can scale alongside our business.”
To navigate the complex cross-border transaction, top-tier global law firm White & Case LLP and Paul Hastings acted as legal counsel, architecting the legal and regulatory framework of the transaction. Additionally, HSBC played a vital operational role, acting as the Facility Security Trustee and Account Bank across the various jurisdictions to ensure robust collateral management. Debashis Dey, Partner at White & Case LLP commented: “This transaction is an excellent example of cross-border financial-optimised structuring. Harmonising a securitisation structure across originators based in the UAE, Saudi Arabia and Turkey was a complex legal challenge. We think it sets an amazing model for multi-country orignators in the Middle East, proving that bespoke structured credit solutions can successfully unlock institutional capital for fast-growth tech enterprises.”
The successful closing of this facility ensures TruKKer is well-capitalised to expand its digital network footprint, optimise its carrier network, and continue disrupting the multi-billion-dollar freight industry.
