TLDR:
- AbleCredit has raised $1.25 million in seed funding round led by Merak Ventures.
- The start-up will use the investment to scale its AI operations and for business growth.
AI credit underwriting company AbleCredit raised $1.25 million in a seed funding round led by Merak Ventures. Other participants included Venture Catalysts and Helios Holdings. The start-up plans to leverage the investment to scale its AI operations and expand its business. AbleCredit, founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, is focused on developing generative AI models with voice, vision, and language capabilities to assist the credit team in generating comprehensive credit reports while adhering to credit policies. This model has improved underwriting speed by over 20 times and reduced costs by enhancing credit process throughput by 12 times. The company aims to provide small businesses with loans in under a minute by utilizing advances in artificial intelligence and plans to process one million loan applications over the next 12 months.
Utkarsh Apoorva, Cofounder and CEO of AbleCredit, highlighted the significant credit gap in the MSME sector in emerging economies and how the company’s AI system addresses this gap by extending credit analysis into traditionally overlooked sectors. Merak Ventures’ Partner, Manu Rikhye, expressed the potential for transformation in credit underwriting with AI advancements and commended AbleCredit’s innovative tools for their speed and efficiency in underwriting. Overall, AbleCredit’s funding round signifies the importance of AI in addressing credit gaps in small businesses and the potential for technological advancements to streamline financial processes.
