CredAble raises $ 30 million in funding from Plutus Wealth, Oaks Asset Management

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Fintech firm CredAble said on Wednesday it had raised $ 30 million (roughly Rs 225.4 crore) in a Series B funding round, co-led by Plutus Wealth Management LLP and its associates and the investor. existing Oaks Asset Management.

The funds raised in this round will be used to enhance CredAble’s platform to innovate and penetrate deeper into the ecosystem, to provide tailor-made working capital solutions for small businesses and to create innovative products for the market. debt capital for businesses and financial institutions, according to one claim.

Total funds raised by CredAble in equity financing amount to approximately $ 40 million to date.

CredAble provides working capital finance solutions to large Asian companies in the areas of debt and receivables finance, debt capital markets and SME finance by leveraging its trade finance expertise, partnerships with capital providers and its internal technology platform.

Last month, CredAble disbursed Rs.3,500 crore to more than a lakh of small businesses and expects to disburse higher amounts in the coming months, the statement said.

“We are very happy to have Plutus on board as a partner as we enter the next chapter in our growth story. Plutus has shown great confidence in our vision and the CredAble team as we continue to build India’s largest working capital platform, ”said Nirav Choksi, co-founder and CEO of CredAble.

He added that fundraising will allow the company to exponentially meet the working capital needs of its clients and add value to institutional financial partners.

Choksi said CredAble has ambitious plans to meet the working capital needs of the small business ecosystem and create true financial inclusion. More than 30 percent of GDP comes from the small business ecosystem, which is largely lacking in credit and growth, he noted.

As a technology-driven company, CredAble will use these funds to continue to develop technology to enable directly processed working capital solutions and launch our growth and credit platform for SMEs, which aims to create a inclusive growth for small businesses by providing them with cash, payment and credit management tools that will enable small business owners to effectively grow and manage their businesses, ”he added.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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