TLDR:
- Merak Ventures leads $1.25 million seed funding in AbleCredit, an AI credit underwriting company.
- AbleCredit aims to close the credit gap in emerging nations using cutting-edge AI products and solutions.
Merak Ventures, an early-stage VC firm, recently led a $1.25 million seed funding round in AbleCredit, an AI credit underwriting company. The funding round also saw participation from Venture Catalysts and Helios Holdings. AbleCredit aims to address the credit gap in emerging nations, which is estimated to be Rs 25 trillion in India alone due to the shortage of qualified underwriters and high underwriting costs. By leveraging innovative AI tools, AbleCredit seeks to provide faster and more efficient credit underwriting solutions, empowering companies to make decisions effectively. The investment from Merak Ventures is expected to enable AbleCredit to scale its AI operations, drive business growth, and expand its reach. The co-founders of AbleCredit, Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, emphasize the importance of addressing the credit gap in the MSME sector to bridge economic disparities and enhance financial well-being. They believe that AbleCredit’s AI system, which analyzes alternative data sources to produce comprehensive credit assessments, will play a vital role in serving a wide range of industries.
