CredAble Introduces Next-Gen Credit Line for MSMEs, Setting the Stage at Global Fintech Fest

At the Global Fintech Fest (GFF 2024), the country’s leading FinTech player, CredAble, launched Revolving Short-Term Loans, a transformative credit line that is set to rewrite the rules of financing for businesses of all sizes.

Building on CredAble’s history of financial innovation and laser-sharp focus on the growing needs of Micro, Small, and Medium Enterprises (MSMEs)—Revolving Short-Term Loans solution is designed to alter how credit is delivered to small businesses and set new standards of excellence in this space.

CredAble’s new product – Revolving Short-Term Loan is a unique and groundbreaking pay-as-you-use working capital credit line that enables small businesses to pay interest only on the funds used. This one-of-a-kind tailor-made and dynamic financing product combine instantaneous digital assessment with the flexibility of collateral-free borrowing.

Over the last few years, CredAble has made remarkable strides in plugging the MSME credit gap through scaled technology, expertise in risk and compliance, and a broad suite of working capital financing solutions.

CredAble’s Revolving Short-Term Loans are designed with the future in mind, addressing small business financing needs head-on and significantly cutting short the credit turnaround time. The solution is tailored to be as agile and adaptable as the businesses it serves.

With reports claiming that 66% of SMEs seek faster credit options, and 55% of them require financing within 7 days—revolving short-term loans pay-as-you-use and reloadable credit models ensure the rapid disbursement of funds, meeting the urgent financing needs of SMEs.

By enabling more than $11 billion in working capital annually, CredAble has carved out a space on the world stage with an extensive client base of banks, enterprises, and SMEs. The company has achieved this with their vast technical excellence, automated credit decisioning capabilities, advanced acceptance scorecards, and several promising developments in the credit ecosystem.

The launch at GFF drew significant attention from attendees and industry leaders, with CredAble securing numerous partnerships to further penetrate the market with its revolving short-term loan solution. CredAble is already in talks with top marketplaces and popular commerce players to integrate the solution directly into such platforms that are frequently used by MSMEs.

Over the last few years, the rapid advancements in the FinTech space have caused a phenomenal transformation across the financial services ecosystem. We are witnessing the rise of new and exciting use cases of on-time and affordable financing, the shift to real-time payments gaining momentum, and the lending ecosystem being redefined to accommodate the needs of the growing MSME sector.

CredAble’s new solution stands to be instrumental in achieving last-mile financial inclusion for MSMEs, offering essential credit access to businesses that have previously been overlooked. Mr. Satyam Agrawal, Global Head of Product & Retail Business Lending, MD ASEAN & ME at CredAble, said, “We believe we are on the cusp of an opportunity to reinvent how we deliver credit to MSMEs. Our innovative revolving short-term loans are set to transform MSME financing with features like one-time credit evaluation, pay-as-you-use financing, and reloadable credit limits. We’re offering a solution that’s incredibly practical for everyday business needs. With flexible repayment options, collateral-free credit, and minimal documentation—we’re setting a new benchmark in credit products and paving the way for an unparalleled borrower experience.”

Mr. Nirav Choksi, Co-founder and CEO of CredAble, commented, “The MSMEs’ needs to access credit instantly are constantly rising, and we’re here to deliver the next-gen credit experiences that they deserve with revolving short-term loans. The need of the hour is to build solutions for thin-file, small-ticket borrowers. Our scale and continuous investment in technology have given us the strong foundation to develop new tools and processes that extend the reach of credit and power cutting-edge innovation in MSME financing.”

CredAble is among the top working capital financing players, leading one of the biggest revolutions in the MSME financing space. Revolving Short-Term Loans is a testament to CredAble’s commitment to driving financial inclusion. This solution not only meets current demands but also sets the stage for future growth and innovation.