With the help of Merak Ventures, AI credit underwriting startup AbleCredit has raised $1.25 million (10 cr) in its seed round.
The money raised will go towards expanding and growing the firm as well as scaling its AI activities. Helios Holdings and Venture Catalysts also participated in this round.
Read also – EcoRating Secures $1 Mn Pre-seed Funding Round
AbleCredit concentrates on both secured and unsecured markets. In the near future, the startup wants to be able to issue loans to small businesses in less than a minute by leveraging developments in artificial intelligence. Its audacious plan is to handle one million loan applications in the upcoming year.
AbleCredit is creating generative AI models with speech, vision, and language capabilities that work as an AI assistant to the credit team and can produce credit reports on an as-needed basis.
The majority of new credit consumers come from the informal sector, where AbleCredit’s model may be applied due to the extremely limited supply of data.
Utkarsh Apoorva, Co-founder and CEO of AbleCredit, said: “Emerging economies are facing a significant credit gap in the MSME sector, leading to unemployment and economic barriers. At AbleCredit, our AI system leverages voice, vision, and language capabilities to extend credit analysis into traditionally overlooked sectors. This approach enables us to serve a wide range of industries by analysing alternative data sources to produce comprehensive credit assessments. We’re thrilled to announce our new funding round and to welcome Merak Ventures, who support our mission to bridge economic disparities and enhance financial well-being.”
About AbleCredit
Founded in 2023 by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, AbleCredit generates credit appraisal memos based on your policies without any human intervention.
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