CredAble will be using the funding to enhance its platform to innovate to go deeper in the ecosystem, and to create innovative debt capital market products for corporates and financial institutions.
Fintech service provider CredAble on Wednesday announced that it has raised $30Million in a Series B round of funding from Plutus Wealth Management and Oaks Asset Management.
The company is looking forward to using the funding to improve the CredAble platform performance to innovate and penetrate deeper in the ecosystem, to provide working capital solutions that are tailor-made for small businesses, and to create innovative debt capital market products for corporates and financial institutions, a statement said.
Up till now the company CredAble has raised the funding of $40 Million in equity financing.
CredAble provides working capital financing solutions to leading corporates across Asia in areas of payable and receivables financing, debt capital markets and SME financing by leveraging its trade finance expertise, partnerships with capital providers and in-house technology platform.
Last month, CredAble disbursed Rs 3,500 crore to more than one lakh small businesses, and expects to disburse higher amounts in the coming months, the statement said.
We are very excited to have Plutus on board as our partner as we embark on the next chapter of our growth story. Plutus have shown tremendous faith in our vision and the team at CredAble as we continue to build India’s largest working capital platform,” CredAble co-founder and CEO Nirav Choksi said.
He added that the fundraise will enable the company to address the working capital needs of its customers exponentially and add value to financial institutional partners.
Choksi said CredAble has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion.
More than 30 percent of the GDP is contributed by the small business ecosystem, which is largely credit and growth starved, he noted.
“Being a tech-first company, 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 by providing them with cash management, payment and credit tools that will enable small business owners to efficiently grow and manage their businesses, he added.