AbleCredit, an innovative AI credit underwriting company, has recently secured seed funding led by Merak Ventures, a prominent early-stage venture capital firm.
The funding round, totaling $1.25 million (~INR 10 CR), aims to support AbleCredit’s mission of closing the credit gap in emerging nations. With a staggering credit gap of INR 25 trillion in India alone, AbleCredit’s cutting-edge AI products and solutions are poised to revolutionize the underwriting process. By developing advanced Generative AI models with voice, vision, and language capabilities, the startup aims to enhance the speed and efficiency of credit underwriting.
Merak Ventures’ investment will enable AbleCredit to scale its AI operations and facilitate business growth and expansion. The firm recognizes the transformative potential of AI in revolutionizing credit underwriting, offering unprecedented speed and efficiency to empower companies to make informed decisions swiftly.
AbleCredit’s dynamic co-founding team, consisting of Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, brings a wealth of experience to the table. With a track record of successful ventures and expertise in AI and product development, the team is well-equipped to drive AbleCredit’s innovative solutions forward.
The startup’s focus on both secured and unsecured credit segments showcases its commitment to serving a wide range of industries. By leveraging AI advancements, AbleCredit aims to provide small businesses with loans in under a minute, with an ambitious goal of processing one million loan applications within the next 12 months.
Merak Ventures, known for its focus on impactful solutions in the B2B and emerging technologies sectors, is excited to support AbleCredit’s mission of bridging economic disparities and enhancing financial well-being. With a decade of experience in the Indian ecosystem, Merak Ventures’ investment underscores its dedication to backing game-changing innovations with real-world implications.
Overall, AbleCredit’s innovative approach to credit underwriting, powered by AI capabilities, presents a promising solution to address the significant credit gap in emerging economies. With Merak Ventures’ support, the startup is well-positioned to drive positive change and make a lasting impact in the financial landscape.
