Axis Bank, one of the largest banks in India based on assets, and Oaks Asset Management have both contributed $9 million to the fintech company CredAble, which is located in India.
CredAble, a startup that was founded in 2017, provides working capital financing through corporate ecosystems, digital know-your-customer services, onboarding procedures, enterprise resource planning, and bank connections. More than 100 corporations, over 300,000 small business borrowers, and at least 30 banks and financial institutions are its current clients.
Serial entrepreneur Nirav Choksi and former Grant Thorton executive Ram Kewalramani founded the business together. A series B financing headed by Oaks Asset Management and Plutus Wealth Management secured $30 million for CredAble last year.
In a statement, Kewalramani stated that the company’s focus in the upcoming quarters would be on fostering partnerships with financial institutions and speeding client growth. “This investment will also help our banking-as-a-service solutions, as well as to penetrate SMEs in India through UpScale platform,” he added.
