Working capital loan facilitating platform for small and medium businesses CredAble has announced global expansion, including to Singapore, the UAE, UK and Australia.
The expansion introduces the company's advanced Banking-as-a-Service (BaaS) offerings to these countries to reshape global financial service engagement.
CredAble has expanded into Singapore, the UAE, UK, Australia, the Philippines, Indonesia, South East Asia, the Middle East, Australia, and the US.
“About nine months ago, we set out to expand into Asia, Asia Pacific and the Middle East markets. In the Middle East, we are focusing on the UAE and Saudi markets. And in Asia Pacific we have offices in Indonesia, Australia and Singapore and focus on the Philippines, Malaysia and Vietnam,” co-founder and CEO Nirav Choksi told PTI.
CredAble's operations enable capital financing for SMEs, and licensing technology platforms to banks in India.
“The other part of the business is our own lending from our own NBFC, where we do short-term working capital financing to SMEs to enable them either purchase raw materials or get early payment against their invoices to their customers,” Choksi said.
He said CredAble has built a robust global technology stack licensed and white labelled to banks in India, and is “now trying to...replicate the same success in markets in Asia Pacific and the UAE.”
Today, CredAble's intention is to partner with local banks, provide them the technology that they would need to enable working capital financing for their SME customer base, he added.
On their outlook and further plans, Choksi said the company disbursed about Rs 50,000 crore on the platform that represents less than 3 per cent of the working capital gap in India.
“We are on a mission to ensure that over the next five years, we can enable at least 25 per cent of the working capital of this country through our platforms,” Choksi added.
The Mumbai-headquartered technology-based loan disbursal platform completed six years into operations in March.