CredAble Debuts Credit and Cash Flow Management App for SMBs

Artificial intelligence (AI)-fueled capital financing platform CredAble on Thursday (Nov. 11) introduced UpScale for micro-sized, small and medium-sized businesses across India, according to a Mint report.

CredAble handed out about 3,500 crore in loans to more than 100,000 small businesses last month, per the report. The UpScale credit and cash flow management app will be used to push deeper into the financial ecosystem with a suite of solutions for small business owners.

“Due to broken financial management, only 16% of MSMEs have access to formal credit, creating a gap of $350 billion,” said Nirav Choksi, CredAble co-founder and CEO, in the Mint report. Thus, it is important that MSMEs manage their finances better and scale faster.

“With UpScale, our aim is to create inclusive growth for small businesses by providing them with cash management, payment, credit and growth tools that will enable small business owners to efficiently grow and manage their businesses,” he said.

CredAble recently brought in $30 million in Series B funding, which it is using to broaden its reach and add new solutions for small businesses through UpScale, which syncs with a business’ existing accounting software and bank accounts to provide real-time data.

“This is an all-in-one credit and cash flow management app that provides a detailed yet intuitive look at the entire financial position of a business,” said Nitin Sharma, chief product officer and managing director, in the Mint report. “It helps in bridging the gap between financial operations and financial reporting, thereby allowing the business owner to make informed financial decisions about the business. Besides, UpScale helps automate credit and cash flow management.”

Related news: Buyer ‘Anchors’ Are ‘The New Oil’ for SMB Supply Chain Financing in India

CredAble Executive Vice President and Head of Credit Ranjit Singh told PYMNTS CEO Karen Webster earlier this year that India’s SMB space is hampered by limited access to reliable credit sources, meaning many smaller suppliers struggle to fulfill large orders.

Singh told Webster that bigger businesses, which he calls “anchors,” can help their suppliers obtain the financing they need and that they will be motivated to work with CredAble. Most of CredAble’s business has been anchor-driven, he noted.