UAE-based fintech Credable has secured a $2.5 million seed round led by Ventures Platform and Egypt-based VC firm, Acasia Ventures formerly Cairo Angels.
The startup will use the funds to launch Credable’s product pipeline across Tanzania, Uganda, and Kenya, grow its team as well as scale the company’s products across new markets.
CEO and founder of Credable, Nadeem Juma said, “Egypt and Nigeria are two key markets that Credable is exploring within its long-term expansion plans, making Acasia Ventures an optimal strategic partner given its footprint in both countries,” Since one of our main goals is to enable fintech in emerging markets, we find both markets very exciting.”
Credable is a B2B2C fintech that provides a digital banking platform to businesses across emerging markets to offer banking products and services to their customers. The startup eases the burden of businesses having to build digital infrastructure, meet regulatory requirements, and have direct contact with a bank.
Speaking on the investment, Acasia Ventures General Partner, Biola Alabi said. “In the past decade, emerging markets have seen companies enter the credit space, as well as increasing traction of the unbanked population into the formal financial sector. That is particularly why since launching its first product in May 2022, Credable has had promising traction demand for its platform which demonstrates a need in the market.“
“The team at Credable is a mix of seasoned entrepreneurs with a deep understanding of the institutional challenge that plagues the underbanked in Africa, this aligns with our mission at Acasia to back founders solving everyday challenges at the bottom of the pyramid,” Alabi added.
In May 2022, Credable rolled out its maiden product with a leading telecommunications operator in Tanzania. So far, 1.2 million customers have opened an account, more than 200,000 users have either borrowed or saved via the platform, over $5 million in loans were disbursed, and $2.5 million of savings deposits were received from customers.