London-headquartered FinTech CreditEnable has raised £2 million investment.
The SME credit marketplace uses data analytics and AI to support SMEs in procuring business loans, helping lenders improve approval rates to above 70%.
The pre-Series A investment was led with £700,000 from JPIN Venture Catalysts, the UK arm for Venture Catalysts which aims to build bi-directional UK-India investment and a growth corridor for start–ups.
The capital 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 and veteran early–stage investor Varun Sahni, CreditEnable has been operating in India since 2017.
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.
The company previously raised a $5m seed round from investors such as Cris Conde, former CEO Sun Gard, Alter Global, Astia and Floreat.
“We are delighted that JPIN VCATS has decided to back our growth,” said CEO Sood. “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 and managing partner at 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 start–up and is on a fast trajectory to be a market leader globally.”