CredAble will utilize the funds to increase its banking-as-a-service offerings internationally and to expand its presence in the domestic market using its platform UpScale
In addition to the current fundraising campaign, CredAble has raised $59 million in funding so far
They claim to have taken on around 100 corporations clients, more than 300K small business loanees along with more than 30 banks, as well as banks through its platform.
Fintech start-up CredAble has raised $9 million in funding from Axis Bank and OAKS Asset Management.
CredAble will make use of the fresh money to speed up its expansion plans. It plans to also use the money to grow its banking-as-a service (BAAS) solutions for international markets as well as expand its reach within the domestic market through it’s platform UpScale.
This direct investment from Axis Bank and the continued backing from investors already in place confirms CredAble’s efforts in helping India deal with its issues with working capital. The investors who are coming in and CredAble are united in their view of what CredAble stands for and is able to achieve in the near future, Nirav Choksi, co-founder and CEO of CredAble said.
Through the current fundraising campaign, CredAble has raised a total of $59 million in investment up to now.
In 2017, the company was founded in 2017 by Nirav Choksi and Ram Kewalramani in 2017, CredAble is an AI-powered business that offers working capital finance. It offers a range of financing and lending options to SMEs as well as large corporations and financial institutions. In essence, it doesn’t lend money out of its balance sheet, but instead assists banks and non-bank companies with the acquisition of customers.
This investment is a crucial long-term move to help CredAble accomplish its mission of creating India’s biggest working capital finance platform, said Vishal Ootam, CEO of OAKS Asset Management.
By 2021 CredAble acquired $30 Million in funding from Plutus Wealth Management and Oaks Assets Management.
CredAble affirms to have taken on over 100 business clients and more than 300K small-business customers, and more than 30 financial institutions, as banks through its platform. CredAble also claims that it has seen 500% growth year-on-year.
In the lending market for fintech it is competing with competitors like CreditFair, ZestMoney and Aye Finance as well as other lenders.
Recently, CreditFair secured $10 Millionin initial funding.On the other side, Zest Money and Aye Finance raised $50 Mn and INR 75 Cr funds respectively.
According to the Inc42 research that the Indian fintech sector is expected to be an $1.3 Tn marketthat is expected to grow at a rate of 31 percent between 2021-2025. Of this, the lending tech segment is responsible for 47% ($616 billion) of the total fintech industry.