Credable, an embedded finance platform that provides technology stacks, scoring capabilities, and banking partners to businesses such as e-commerce platforms, mobile operators, and logistics companies, has raised $2.5 million in a seed round led by Ventures Platform.
Credable aims to offer banking services to underbanked customers in their everyday channels such as mobile money, e-commerce platforms, and gig economy apps. The startup provides an end-to-end solution without exposure to credit risk by partnering with balance sheet providers that struggle to access new customers because they lack relationships with tech-enabled businesses.
Credable launched in May 2021 with two products in Tanzania and Kenya, and has since expanded to enable over six products across Tanzania, Kenya, and Uganda. The fintech startup has helped disburse $5 million worth of loans and has seen over $3 million of deposits into its savings products.
Since launching its first product less than a year ago, over 1.2 million people have opened accounts on Credable's platform and 200,000+ customers (including consumers and SMEs) across its markets have used its banking products, according to the company.
With the new financing, Credable plans to launch four more products this year and expand to MENAP and West African markets, particularly Pakistan and Nigeria.
Other investors participating in the round include Launch Africa, MAGIC Fund, ACASIA Ventures, AAIC Investment, Adaverse / Emurgo Africa and strategic angel investors.