Venture Catalysts, India’s first and largest integrated incubator and accelerator, alongwith its UK arm, JPIN Venture Catalysts Ltd, has recently led a $2 million investment round in CreditEnable (www.creditneable.com) an AI-driven SME credit marketplace that uses data analytics and AI to support SMEs in procuring different business loans and helps lenders improve approval rates to above 70% and disburse loans in days rather than week. The investment will be used to continue the development of CreditEnable’s technology platform and expand the firm’s userbase.
Founded by seasoned private equity and debt investor Nadia Sood (CEO & Co-Founder) and veteran early-stage investor Varun Sahni (CFO & Co-Founder) CreditEnable is headquartered in the UK, and has been operating in India since 2017. The fintech platform provides SMEs with a free and seamless experience by simplifying the otherwise complicated process of getting a business loan, helping them to manage their credit profile and quick delivery of the best loan for their business at the best rates, all at no risk to their credit score. Lenders using the platform benefit from lower cost to serve this segment as well as faster and more profitable growth. CreditEnable has more than 20 lender clients. Its client base includes most of the major financial institutions in India including lenders like IDFC First Bank, ICICI, Bajaj and International Financial Institutions like Deutsche Bank and DBS.
CreditEnable effectively bridges the gap between the SME loan procurement process – a notorious and lengthy one – and optimising solutions to help lenders grow efficiently. CreditEnable effectively bridges the gap between the SME loan procurement process – a notorious and lengthy one – and optimising solutions to help lenders grow efficiently. In 2020 alone, $4.5 trillion of available financing didn’t get to suitable borrowers, meaning that today’s announcement is bridging a critical deficit that inhibits SME growth. Recognized as “Responsible Digital Innovator of the Year” at the Global SME Finance Awards 2020, CreditEnable is committed to eliminating the bottlenecks in India’s lending landscape. The company previously raised a $5 million Seed Round from investors such as Cris Conde, former CEO Sun Gard (www.accel.com/team/cris-conde), Alter Global (www.alter.global) and Astia (www.astia.org) and Floreat (www.Floreat.com)
Speaking on the investment, Nadia Sood, CEO, CreditEnable, said, “We are delighted that Venture Catalysts has decided to back our growth. The COVID pandemic has accelerated the adoption of digitization within financial services. Getting affordable finance into the SME segment at scale is going to be critical to our global economic recovery and we are thrilled to have Venture Catalysts support to help us to scale our reach in India. ”
Dr. Apoorv Ranjan Sharma, Co-founder & President – Venture Catalysts, added, “Fintech is one of the fastest growing sectors in India. Between January and June 2020 Fintech investments touched $1.47 billion, a 60% increase over the corresponding period in 2019. CreditEnable has enormous potential and has built a technology platform that is scalable across multiple geographies. We have invested in a number of unicorn companies at their very early stage and CreditEnable has this potential. The firm is well-equipped to optimize resources and solve for the most relevant gaps in the Indian market, especially in the current, pandemic environment when the demand for business loans is expected increase. With more than 100 years of combined experience of the founding team, the company has both a strong vision and unmatched skills required for raising the bar even higher. We hope that the funding will help bolster the team’s business vision and empower them to achieve continued success.”
Gaurav Singh, Founder & Managing Partner, JPIN Venture Catalyst Ltd said, “The UK-India relationship is at all time high and this is a perfect testament to how amazing businesses can grow cross-border while making a meaningful impact on GDP by enabling businesses with quick and affordable finance. CreditEnable is a very high-quality UK startup and is on a fast trajectory to be a market leader.”