CredAble, a fintech offering working capital finance to MSMEs has introduced a new Short-Term Loans for Micro, Small, and Medium Enterprises (MSMEs). "Our scale and continuous investment in technology have given us the strong foundation to develop new tools and processes that extend the reach of credit and power cutting-edge innovation in MSME financing, " said Nirav Choksi, Co-founder and CEO of CredAble while launching the new credit facility at the Global Fintech Fest (GFF 2024) in Mumbai yesterday. The company recorded a two-fold increase in loan disbursements amounting to Rs 45,000 crore in the calendar year 2023 (CY23) on the back of increased partnerships with banks, corporations, and the acquisition of new customers. The company has a customer base of 2.5 lakh small and medium enterprises (SMEs) and it earns nearly 40 per cent of its revenue from its banking-as-a-service-tech licence. The rest 60 per cent of its revenue comes from lending business. CredAble has raised Rs 30 crore ($3.6 million) in debt funding from SIDBI in June this year. In March, CredAble raised $10 million in a new round from Singapore-based Equentia Natural Resources. Till date It has raised nearly $60 million.
Nirav Choksi and Ram Kewalramani founded CredAble in 2017 with the goal of providing working capital to financial institutions, MSMEs, and large, mid, and emerging corporates.
The company has established a comprehensive working capital infrastructure to digitize corporate-led financing and underwriting needs, going beyond conventional banking and loan products.
Over 125 corporate clients, over 3,50,000 small business borrowers, and over 35 major banks and financial institutions are housed on CredAble’s platform.
