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31/03/2022 11:21am

Mumbai based Fintech CredAble lends $3 billion to more than 1 lakh MSMEs in FY22

image Mumbai based Fintech CredAble lends $3 billion to more than 1 lakh MSMEs in FY22

Mumbai, Mar 31 (KNN) CredAble, working capital tech platform has disbursed USD 3 billion to 1,50,000 MSMEs including cash-strapped businesses such as large and mid, emerging corporates; vendors and dealers of large enterprises and financial institutions in FY21-22.

The capital was sourced from both its own non-banking financial company (NBFC) as well as a network of financial partners.

“During this USD 3 billion disbursement, more than 30 financial institutions came on board to effectuate the transactions. And, I am elated that, with the utmost support of our team and financial partners, we have been able to fulfill the purpose of providing businesses access to just-in-time working capital, and have also helped them tap into exponential growth and pursue strategic investments,” said Nirav Choksi, Co-Founder and CEO, CredAble.

Choksi also spoke about how traditional financial institutions and fintech partnerships have come a long way in the past 5 years.

“These associations, especially help small businesses in the farthest corners to avail credit requirements in a seamless, agile and reasonable manner,” he said.

Commenting on the latest disbursement figures, Ram Kewalramani Co-Founder and Managing Director of CredAble said, “Over the years, we have realised that credit and cash flow management remains a challenge for most businesses, especially SMEs. We facilitated an easy and adequate flow of credit to over 1,50,000 small and medium businesses to not just keep them afloat but enable them to reach their full potential.”

Currently, the sector which contributes 29 per cent to the national GDP – has the potential to create 111 million new jobs over the next four to five years, he added. (KNN Bureau)

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