Fintech Startup CredAble Raises $9 Mn To Offer Credit Solutions To SMEs, Large Businesses

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.

Most Recently, CreditFair secured $10 Mn in seed funding.On the other hand, Zest Money and Aye Finance raised  $50 Mn and INR 75 Cr funding respectively.

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.

 Fintech Startup CredAble Raises $9 Mn To Offer Credit Solutions To SMEs. Congratulation to the entire team at CreadAble.I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business. For any rectifications, reach out to ashu@startuplanes.com