Dubai-based fintech group, Credable, has closed $2.5 million Seed Round led by Ventures Platform Fund IV LP. Other investors participating in the round include Launch Africa, MAGIC Fund, ACASIA Ventures, AAIC Investment, Adaverse / Emurgo Africa and strategic angel investors.
Founded in 2021 by Nadeem Juma, Jad Abbas and Michael Tarimo, Credable provides the digital banking infrastructure that enables businesses across emerging markets to offer banking products to their customers quickly, safely and easily. Customers of Credable’s partner businesses benefit from having access to an array of banking products in the digital channels they know and use daily.
According to Credable’s CEO, Nadeem Juma, “The shift to ubiquitous digital banking and embedded finance has never been more evident in our markets. Our Seed Round represents a significant milestone that will support our continued mission to transform the digital banking landscape in our markets and for Credable to be the enabler of access to the banking products people need.”
Credable partners with a range of businesses from banks and mobile network operators to eCommerce platforms and fintech players. Since launching its first product less than a year ago, over 1.2 million people have opened accounts on Credable’s platform and 200,000+ customers (including consumers and SMEs) across its markets have used its banking products. These products include a range of savings products, term loans, overdrafts, asset financing and other credit solutions. To date, Credable’s platform has seen over US$ 5 million of loans disbursed and over US$ 3 million of deposits into its savings products.
“In line with our thesis, Credable is helping businesses create and capture value by expanding their addressable market to provide financial services to previously excluded market segments/communities, and we believe that this will become a flywheel that powers economic growth in emerging markets”, said Dr Dotun Olowoporoku, General partner, Ventures Platform, adding: “Jad, Nadeem and Mike are experienced operators and entrepreneurs with deep product knowledge, experience and network in the markets they are operating in. They understand the problem on a deep level and have experience building financial solutions. It’s a privilege to back them on this journey and we are excited for the future.”
“We thank our investors for the trust shown in our team and vision. This reinforces our conviction in Credable’s B2B2C model and our partnership approach as the model that is best positioned to scale financial services to the underbanked across our markets”, commented Credable’s CFO, Jad Abbas.
This is Credable’s second fundraising round after having raised a Pre-Seed Round in April 2021 which was led by The Continent Venture Partners (TCVP). The Seed Round funding will go towards building Credable’s team and scaling its market presence across Africa and the MENASA region from its current presence in Kenya, Tanzania, Uganda and Pakistan.