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Source: cision | Published on: Monday, 08 April 2024
MUMBAI, India, April 8, 2024 -- CredAble, India's largest working capital tech platform, announced a record-breaking milestone aggregate throughput worth USD 8 billion for the financial year 2023–24. The company maintains an industry-leading average invoice period accelerated by 73 days, with over 2.5 million invoices processed on its platforms.
CredAble's licensed software serves over 125 large corporates, offering an end-to-end supply chain financing platform with multi-bank integrations. They also have long-standing relationships with key financial institutions globally. CredAble has implemented fully digital supply chain financing solutions for leading private banks in India. Further, its end-to-end digital underwriting system has been instrumental in streamlining the MSME lending process, significantly improving the unsecured business loans program for India's leading financial institutions.
Recently, the company secured partnerships with major banks across the MENA and APAC regions. By adopting CredAble's advanced product stacks, the banks can unlock benefits including streamlined digitisation of on-boarding, multi-faceted underwriting, and LMS processes.
Commenting on this milestone, Mr. Nirav Choksi, Co-Founder and CEO of CredAble, said, "Presently, CredAble stands among the world's most trusted entities in the working capital financing space, delivering technology-enabled solutions. We've also partnered with global banks to implement end-to-end LOS and LMS platforms and to digitise their operations with our full-stack supply chain financing suite."
Mr. Ram Kewalramani, Co-Founder and MD at CredAble, said, "This milestone strengthens our commitment to pushing boundaries and shaping the future of working capital financing. Backed by our expanding team of industry specialists and global delivery frameworks, we aim to double our growth by the end of FY25."
The company's operational framework is structured around distinct business verticals, each catering to specific needs, including licensed software tailored to support enterprises, suppliers, dealers, banks, and financial institutions. CredAble is set to release its low-code/no-code platforms, empowering global financial institutions with pre-built financial modules and integrations, ensuring unmatched deployment time for new banking products. Beyond financing, the company accelerates automation, leveraging existing integrations with leading ERP providers.
About CredAble:
Established in March 2017 by Nirav Choksi and Ram Kewalramani, CredAble is India's largest working capital technology platform enabling more than USD 8 billion annually in working capital for India Inc. which includes large, mid, emerging corporates, MSMEs, and financial institutions. CredAble's platform hosts over 125 corporate customers, over 3,00,000 small business borrowers, and over 35 large financial institutions and banks. By leveraging technology built in-house, expertise in big data analytics, trade finance, and partnerships with capital providers, CredAble leads the working capital space while witnessing over 500% year-on-year growth.
Backed by well-known investors such as Oaks Asset Management, Plutus Wealth Management LLP, and Axis Bank Limited, the company was granted an NBFC (BBB Stable) license by RBI in 2019 and offers post-invoice discounting and other working capital finance products. Apart from catering to the financial needs of the SME segment, the company offers financial services through its platform products to customers such as Large Corporates, Mid-Market and Emerging Corporates, and Financial Institutions.
CredAble was recently awarded with the company of the year for best multi-cloud adoption along with best digital platform at the Bharat Fintech Summit 2024. Furthermore, it got recognised with Product Innovation of the year at SME Finance Forum 2023. CredAble also won the fintech startup of the year 2022 at The Asset Triple A Digital Awards 2022 followed by "The Best Banking Tech of the Year" at the Asia Fintech Award 2022 for building a tech stack that is robust & agile which has transformed the working capital landscape in the country.
View original content:https://www.prnewswire.com/in/news-releases/credable-achieves-a-milestone-aggregate-throughput-of-usd-8-billion-across-its-working-capital-finance-platforms-302110510.html
