Business loans startup CreditEnable, raised $2 mn in a pre-series A funding led by startup incubator Venture Catalysts, along with its UK arm JPIN Venture Catalysts. The fresh funds will be used to enhance its technology platform, alongside expanding its customer base across the country, thereby eliminating the bottlenecks in India’s SME lending landscape.
CreditEnable is a credit marketplace that uses data analytics and AI to support SMEs in procuring different types of business loans. The company claimed to help lending entities improve their approval rates to above 70% and disburse loans faster at competitive interest rates. The platform offers business loans starting from Rs 10 Lakh to Rs 30 Cr with lender rates starting from 9%.
"In 2020 alone, $4.5 tn of available financing didn’t get to suitable borrowers, meaning that today’s announcement is bridging a critical deficit that inhibits SME growth,” stated CreditEnable, in a press statement.