Fintech firm CredAble on Wednesday said it has raised $30 million (about Rs 225.4 crore) in its Series B funding round, co-led by Plutus Wealth Management LLP and its associates and existing investor Oaks Asset Management.
The Mumbai-based company said in a statement it will use the funds to enhance its platform to innovate and penetrate deeper into the ecosystem in order to provide working capital solutions that are tailor-made for small businesses.
The firm also aims create innovative debt capital market products for corporates and financial institutions, it added.
With this funding, The total funds raised by CredAble in equity financing stand at about $40 million to date.
The total funds raised by CredAble in equity financing stand at about $40 million to date.
Nirav Choksi, CEO and cofounder at CredAble, said the company 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 that the fundraise will enable the company to address the working capital needs of its customers exponentially and add value to financial institutional partners. The company has ambitious plans to address the working capital requirements for the small business ecosystem and create true financial inclusion.
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.
(With PTI Inputs)
