Grace Ashiru
Credable has secured $2.5 million in a seed round headed by Ventures Platform. Credable is an embedded finance platform that helps businesses, including e-commerce platforms, mobile carriers, and logistics organizations, by giving them technological stacks, scoring tools, and banking partners.
Credable wants to give financial services to those who don’t have bank accounts through things they use daily, like mobile money, e-commerce platforms, and apps for the gig economy.
By collaborating with balance sheet providers who have trouble getting new customers because they don’t have ties with tech-enabled enterprises, the firm can offer a full-service solution with no credit risk.
Credable started with two goods in Tanzania and Kenya in May 2021. Since then, it has grown to offer more than six items in Tanzania, Kenya, and Uganda. The financial business has helped give out $5 million in loans and has received more than $3 million in savings.
Since Credable launched its first product less than a year ago, more than 1.2 million people have established accounts on its platform. The business says that more than 200,000 clients (consumers and SMEs) have utilized its banking products.
Credable wants to introduce four more products this year and grow into markets in the Middle East, North Africa, South Asia, and West Africa, especially in Pakistan and Nigeria.
Launch Africa, MAGIC Fund, ACASIA Ventures, AAIC Investment, Adaverse/Emurgo Africa, and strategic angel investors are other investors in this round.
