CredAble will use the funds to expand its banking-as-a-service solutions in international markets and expand footprint in domestic market via its platform UpScale
Adding the current fundraising, CredAble has raised a total of $59 Mn funding to date
It claims to have on boarded more than 100 corporate customers, over 300K small business borrowers and more than 30 financial institutions as well as banks, on its platform
Fintech lending startup CredAble has raised $9 Mn from Axis Bank and OAKS Asset Management.
CredAble will use the fresh funds to accelerate its growth plans. It further plans to utilise the funding in growing its banking-as-a-service (BAAS) solutions in international markets and expand footprint in domestic market via its platform UpScale.
“This direct investment by Axis Bank and the continued support from existing investors validates CredAble’s journey thus far to help India solve its working capital woes. The incoming investors and CredAble are aligned in their vision of what CredAble has stood for and what it can accomplish in the foreseeable future,” Nirav Choksi, cofounder and CEO, CredAble said.
With the current fundraising, CredAble has raised a total of $59 Mn investment to date.
Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble is an AI-enabled working capital financing startup. It offers a slew of lending and finance solutions to SMEs, large companies and financial institutions. Essentially, it does not lend money from its balance sheet but facilitates banks as well as non-bank entities with customer acquisition.
“This investment is an important long-term step in helping CredAble fulfill its mission of building India’s largest working capital financing platform,” said Vishal Ootam, CEO OAKS Asset Management.
In 2021, CredAble secured $30 Mn from Plutus Wealth Management and Oaks Assets Management.
CredAble claims to have on boarded more than 100 corporate customers, over 300K small business borrowers and over 30 financial institutions as well as banks, on its platform. It further asserts to have witnessed 500% year-on-year growth.
In the fintech lending segment, it faces competition from the likes of CreditFair, ZestMoney and Aye Finance, among others.
As per Inc42 report, the Indian fintech industry is likely to become a $1.3 Tn market, growing at a CAGR of 31% between 2021 and 2025. Of this, lending tech segments accounts for 47% share ($616 Bn) of the entire fintech sector.