Credable, Founded in 2021 by Nadeem Jumam CEO, Jad Abbas CFO, and Michael Tarimo CTO, Credable provides a digital banking infrastructure that enables businesses across emerging markets to offer banking services to their customers. Based in Dubai, Credable has raised a $2.5 million seed round led by a pan-African VC fund, Ventures Platform Fund IV LP. This follows a pre-seed round secured in early 2021 and led by The Continent Venture Partners (TCVP).
The current fund raised has participation from Launch Africa, MAGIC Fund, ACASIA Ventures, AAIC Investment, Adaverse, Emurgo Africa, and other angel investors. This investment will go towards team building and scaling its market presence across Africa, the Middle East, North Africa, and South Asia.
The fintech startup partners with various banks, mobile network operators, and other fintech players to provide its services. Currently, Credable claims of having over 200,000 customers on its platform with 1.2 million people who have opened accounts and benefiting from their savings products, term loans, overdrafts, asset financing, and other credit solutions. As of March 2023, Credable’s platform has completed the disbursement of over $5 million worth of loans and about $3 million of deposits into its savings products.
Nadeem Juma who is the COE believes said “As we’ve seen the emergence of fintech and mobile money on the continent over the last 10 years, people have been trying to solve the financial inclusion question: How do you enable these customers that are not in the formal sector with credit or savings products,”
“We think no one has cracked that because you have to provide an end-to-end solution and adopt a partnership approach with banks and businesses. There’s a massive opportunity to create impact at scale through a model which helps solve the problem at scale, rather than creating new channels and acquiring customers individually.”
Dr. Dotun Olowoporoku, a General Partner at Ventures Platform, said “In line with our thesis, Credable is helping businesses create and capture value by expanding their addressable market to provide financial services to previously excluded market segments and communities, and we believe that this will become a flywheel that powers economic growth in emerging markets,”
It is highly believed that Embedded Finance, will be a pathway to achieving financial inclusion, this can be seen in various efforts by other startups like anchor, and OnePipe. By providing embedded financial services to their customers, they are on the way to solving some of the challenges being faced by the limited availability of financial technological-powered options for underserved consumers.