The startup has announced in a press statement that it will primarily deploy the funds to expand its loan book. Currently, the company enables lending through its partner networks of financial institutions. It is in the final stages of gaining a non-banking finance licence, post which it will start lending from its own book.
CredAble helps vendors receive early payments against their approved invoices, without waiting for the typical credit cycles of 45-90 days. It currently focuses on small and medium enterprises in the logistics and packaging materials space.
It also offers a corporate solution named Receivables Xchange, a digital platform for large companies that allows their vendors to gain instant access to working capital. The platform has a network of financial institutions who bid for the invoices from the vendors.
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