Dubai-based Credable raises $2.5M in seed round
The funding round was led by Venture Platform and saw the participation of other VCs and angel investors.
Dubai-based embedded finance platform has secured a seed round of $2.5 million. The funding round was led by Ventures Platform, with participation from other VCs and angel investors including Launch Africa, AAIC Investment, MAGIC Fund, Adaverse/Emurgo Africa, and ACASIA Ventures.
As per TechCrunch, Credable will utilise the fresh capital to expand to other markets including Nigeria and Pakistan. Currently, it is present in Tanzania, Kenya, and Uganda, and has more than 1.2 million customers, including both consumers and SMEs.
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Founded in 2021 by Nadeem Juma, Jad Abbas and Michael Tarimo, Credable aims to bridge the gap between financial services and the underbanked in the target markets.
Instead of creating a new channel for the banks, the fintech startup enables channels used on a daily basis such as telco-led mobile money, ecommerce platforms, and gig economy apps to provide banking services to customers. The platform has helped the disbursal of loans worth $5 million.
In May 2022, Credable launched a 30-day term loan product in Tanzania in partnership with Vodacom M-Pesa, and a short-term lending product for Diamond Trust Bank, Kenya.
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Edited by Kanishk Singh