In a dynamic move aimed at transforming the landscape of credit assessment, Bengaluru-based fintech startup AbleCredit has announced securing $1.25 million (INR 10.4 crore) in a seed funding round led by Merak Ventures, with participation from Venture Catalysts and Helios Holdings (Suraj Nalin).
Founded in 2023 by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, AbleCredit is at the forefront of innovation with its AI-driven credit underwriting platform. The infusion of fresh capital will fuel the expansion of its artificial intelligence stack and operational capabilities.
AbleCredit’s mission is to revolutionize the lending process by harnessing the power of artificial intelligence. Their platform empowers businesses to make informed credit decisions through automated credit applications, cash flow analysis, loan term determination, and risk assessment.
Using advanced AI technologies, AbleCredit boasts the ability to generate detailed credit reports within a remarkable 3.5 minutes, aligning seamlessly with the lender’s credit policies while ensuring regulatory compliance.
Utkarsh Apoorva, Co-founder of AbleCredit, explains, “Our AI system leverages voice, vision, and language capabilities to extend credit analysis into traditionally overlooked sectors. This approach enables us to serve a wide range of industries by analyzing alternative data sources to produce comprehensive credit assessments.”
AbleCredit is also spearheading the development of GenAI tools, aimed at revolutionizing the credit underwriting process. These innovative tools promise to expedite credit assessments for lenders by an astounding 20 times while substantially reducing operational costs.
This strategic funding round comes at a pivotal moment as India witnesses an unprecedented surge in AI adoption within the credit assessment domain. With a growing roster of players, the sector is on a mission to democratize access to credit, particularly for micro, small, and medium enterprises (MSMEs).
Recent reports highlight the emergence of fintech disruptors such as Lendingkart, RING (formerly Kissht), and KreditBee, leveraging AI, machine learning, and data analytics to facilitate seamless loan disbursals and assess creditworthiness.
Investor interest in lendingtech startups is palpable, with notable funding rounds making headlines. For instance, RING secured INR 100 crore ($12 million) in debt funding from Trifecta Capital, while KreditBee raised $9.4 million from prominent investors, including Advent International and Mitsubishi UFJ Financial Group (MUFG) Bank.
As India’s digital lending market continues to burgeon, projected to exceed $1.3 trillion by 2030, AbleCredit stands poised to lead the charge towards a future where access to credit is efficient, inclusive, and driven by cutting-edge AI technologies.
