CreditEnable announces $2m pre-Series A investment round
CreditEnable, an artificial intelligence-driven small and medium-sized enterprise (SME) credit business, has announced a $2 million pre-Series A funding round.
The company stated that the investment will allow it to develop and launch a second-generation product for both lenders and borrowers, accelerate its direct marketing outreach to SMEs, and increase traction with a growing client base of lenders.
“The SME credit market globally is notoriously inefficient, leaving millions unable to unlock growth capital at a reasonable price – the demand and supply exists, but the market is not transacting efficiently – that is where CreditEnable comes in,” says Nadia Sood, CEO and founder.
The firm has already closed a seed round of $5 million, attracting early-stage fintech investors such as Cris Conde, executive in residence with Accel Partners.
The seed investment enabled the company to complete the development of the first-generation of its managed marketplace platform; successfully launch into the Indian market; secure its first 20 paying lender customers who collectively have SME loan books totalling more than $71 billion; and launch its demand generation strategy which is currently resulting in more than 5,000 SME loan applications a month.
The new investment round will allow CreditEnable to develop and launch a second-generation product for both lenders and borrowers, accelerate its successful direct marketing outreach to SMEs, and increase the company’s already impressive traction with a growing client base of lenders which includes some of the biggest banks in India.