AbleCredit Secures $1.25M Seed Funding Led by Merak Ventures

AbleCredit Secures $1.25M Seed Funding Led by Merak Ventures

AbleCredit, an AI credit underwriting company, raised $1.25 million (approximately Rs 10 crore) in its seed round led by Merak Ventures.

Venture Catalysts and Helios Holdings (Suraj Nalin) also participated in this funding round, which marks Merak Ventures’ fourth investment this year.

According to a press release, ableCredit plans to use the funds to scale its AI operations, drive business growth, and support expansion.

Founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, the company develops generative AI models for credit teams.

Also read | Truecaller lets users to create digital voice using Microsoft AI

These AI models, equipped with voice, vision, and language capabilities, generate credit reports while adhering to credit policies and guidelines.

AbleCredit’s technology is effective even in the informal sector, which includes many new-to-credit customers with limited data availability.

The company claims its AI models have increased underwriting speed by over 20 times and reduced underwriting costs significantly.

Early-stage venture capital firm Merak Ventures launched a $100 million fund in November 2022 to invest in up to 20 startups.

AbleCredit’s recent funding is a significant step in its mission to revolutionize the credit underwriting process through advanced AI technology.

This funding will help AbleCredit enhance its innovative solutions, making it a notable player in the fintech industry.