JPIN Venture Catalysts Ltd today announces a lead £700,000 investment into CreditEnable’s pre-series A round.
CreditEnable is an AI-driven SME credit marketplace that uses data analytics and AI to support SMEs in procuring different business loans, helping lenders improve approval rates to above 70%.
The investment – leading a £2m raise – 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 (COO & 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. The platform helps 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 costs when facilitating loans in the SME sector, leading to more profitable growth. CreditEnable has more than 20 lender clients, including major financial institutions in India, IDFC First Bank, ICICI, Bajaj and international financial institutions, 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. 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.
JPIN VCATS is is the UK arm for Venture Catalysts, building the largest bi-directional UK-India investment and growth corridor for startups. JPIN VCATS brings an end-to-end expertise and support of capital, mentoring, and genuine business network to help investee companies succeed.
Speaking on the investment, Nadia Sood, CEO CreditEnable, said: “We are delighted that JPIN VCATS 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.”
Gaurav Singh, Founder & Managing Partner, JPIN VCATS said: “The UK-India relationship is at an 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 SMEs with quick and affordable finance. CreditEnable is a very high-quality UK startup and is on a fast trajectory to be a market leader globally.”