TLDR:
- AbleCredit, an AI credit underwriting company, has raised $1.25Mn in seed funding led by Merak Ventures.
- The startup aims to close the credit gap in emerging nations by using cutting edge AI products and solutions.
AbleCredit, an AI credit underwriting company, has secured $1.25Mn in seed funding led by Merak Ventures, with participation from Venture Catalysts and Helios Holdings. The startup is focused on addressing the credit gap in emerging nations, leveraging AI technology to enhance the speed and efficiency of credit underwriting processes. By developing Generative AI models with voice, vision, and language capabilities, AbleCredit aims to provide comprehensive credit reports on a case-by-case basis while adhering to credit policies and guidelines.
The unique voice and vision capabilities of AbleCredit’s AI model allow it to be used in the informal sector, where data scarcity is a major challenge. The startup has significantly increased underwriting speed and decreased costs, enabling it to cater to both secured and unsecured segments of the market. With this new funding, AbleCredit plans to scale its AI operations and expand its business growth.
The co-founding team behind AbleCredit, including Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, brings a diverse skill set to the company. Utkarsh Apoorva, the CEO, has a track record as a successful serial entrepreneur, while Harshad Saykhedkar, the Chief AI Officer, has over 13 years of expertise in the field. Ashwini Prabhu serves as the CPO, and Anubhab Bandyopadhyay as the CTO, collectively leveraging their experience in product development for major corporations and small-scale industries.
AbleCredit’s ambitious goal is to process one million loan applications in the next 12 months, aiming to provide small businesses with loans in under a minute. The investment from Merak Ventures will support the startup in achieving its mission of bridging economic disparities and enhancing financial well-being in emerging economies.
