AbleCredit Secures $1.25 Million in Seed Funding to Revolutionize AI-powered Credit Underwriting

Preeti Bali / 8:11 am / May 29, 2024

AbleCredit, a pioneering company in the field of AI-powered credit underwriting, has secured $1.25 million (approximately Rs 10 crore) in a seed funding round. Merak Ventures led the investment, with participation from Venture Catalysts and Helios Holdings (Suraj Nalin). This marks Merak Ventures’ fourth investment of 2024.

Funds Fuel Growth and AI Expansion

According to an AbleCredit press release, the funding will be strategically allocated to scale its AI operations and propel both business growth and expansion.

AI Assistant Streamlines Credit Analysis

Founded by a team of visionaries – Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay – AbleCredit is developing cutting-edge generative AI models. These models leverage voice, vision, and language capabilities to function as an AI assistant for credit teams. The AI assistant generates comprehensive credit reports on a case-by-case basis, adhering to established credit policies and guidelines.

Catering to the Underserved

AbleCredit’s unique model is particularly suited for the informal sector, a demographic that comprises a significant portion of first-time credit seekers and often suffers from data scarcity. This innovative approach has demonstrably enhanced AbleCredit’s efficiency. The company claims to have achieved a staggering 20-fold increase in underwriting speed and a 12-fold reduction in underwriting costs by optimizing credit process throughput.

Merak Ventures on an Investment Spree

Merak Ventures, the lead investor in this round, is an early-stage venture capital firm that launched a $100 million fund in November 2022. The firm plans to invest in up to 20 promising startups over the next three to four years.


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