SMEs are largely starved in terms of credit and growth yet contribute nearly 30% of the GDP.
CredAble, an award-winning AI-Powered Technology Platform enabling Working Capital Financing across enterprise ecosystems now introduces UpScale, a platform that enables growth and financial inclusion for SMEs & MSMEs in India. As a matter of fact, last month alone CredAble disbursed 3,500 crs to more than 100,000 small businesses and with UpScale, CredAble will penetrate deeper into the ecosystem with tailor-made solutions for small business owners.
SMEs are largely starved in terms of credit and growth yet contribute nearly 30% of the GDP. Explaining the need to overcome these challenges for the backbone of the nation, Mr. Nirav Choksi, Co-founder & CEO, CredAble said, “Due to broken financial management, only 16% of MSMEs have access to formal credit, creating a gap of US$350 bn. Thus, it is important that MSMEs manage their finances better and scale faster. With UpScale, our aim is to create inclusive growth for small businesses by providing them with cash management, payment, credit and growth tools that will enable small business owners to efficiently grow and manage their businesses. At CredAble, we are pleased to create this opportunity for the business community in India and boost entrepreneurship.”
CredAble recently raised $30 million in its Series B round and is using the raised funds to enhance CredAble’s reach as well as solutions for small businesses via UpScale. The platform syncs in with a business’ existing accounting software and bank accounts and provides real-time business data that helps make informed decisions to manage financial operations like collection & payments and avail instant, collateral-free access to working capital financing along with other growth tools.
Elated to lead the launch and introduce UpScale, Mr. Nitin Sharma, Chief Product Officer and MD – SME Business explained the features and stated, “We are happy to unveil this platform that boosts the growth of small businesses and eases approach to all financial and operational requirements. This is an all-in-one credit and cash flow management app which provides a detailed yet intuitive look at the entire financial position of a business. It helps in bridging the gap between financial operations and financial reporting, thereby, allowing the business owner to make informed financial decisions about the business. In fact, UpScale helps automate credit and cash flow management so a business can focus on what is important – GROWTH!”
UpScale is a credit and cash flow management app that connects with the existing accounting software of the business, syncs in transaction details, connects with bank accounts & credit bureaus and gives instant access to working capital with the help of partnering financial institutions. While looking into banking, payments, accounting, reporting, working capital requirements and other growth tools, it takes care of real-time & unified view of complete financial operations. The agile user interface on the web and mobile, with an easy-to-access dashboard and other features, saves the user’s time.
Source: Business World