Fintech platform, CredAble has raised $30 million in a Series B funding round led by Plutus Wealth Management LLP and its associates and their existing investor Oaks Asset Management. With the current funds raise, CredAble has now raised an aggregate amount of $40 million till now. The platform had last raised capital through a bridge fund round in October 2020.
The Mumbai-based fintech firm has said that funds raised in this round will be used to enhance CredAble’s platform to constantly innovate and penetrate deeper into the ecosystem, as well as to provide working capital solutions which are tailor made for small businesses and to create innovative debt capital market products for corporates and financial institutions.
“CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion. CredAble will use these funds to continue to build technology to enable straight through processed working capital solutions and launch our SME Growth and Credit Platform which aims to create inclusive growth for small businesses," said Nirav Choksi, Co-founder & CEO, CredAble.
Last month, the platform claimed to have disbursed working capital worth Rs 3,500 crore to more than 100,000 small businesses and foresaw an even higher disbursement in the coming months. This is possible mainly because of their agile liquidity programs backed by disrupting technology that brings innovation in the trade financing landscape, as per the company's statement.
With respect to onboarding a new investor, Plutus, Choksi stated that Plutus have shown tremendous faith in CredAble’s vision as it aims to build India’s largest working capital platform.
"This fund raise enables us to address the working capital needs of our customers exponentially and add value to our financial institutional partners,” he said.
According to CredAble, it has enabled more than $2 billion annually in working capital for India Inc, which includes large, mid, emerging corporates, MSMEs, and financial institutions. CredAble’s platform hosts over 50 corporate customers, over 1,00,000 borrowers and over 25 large financial institutions and banks by leveraging technology, big data analytics, trade finance expertise, and partnerships with capital providers.
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