CredAble, a leading FinTech at the forefront of working capital financing, announced the debut of its new product, Revolving Short-Term Loans, as part of its new MSME lending vertical.
As MSMEs struggle with restricted access to credit and borrowing options, CredAble’s world-class working capital finance platform is critical in addressing these difficulties and improving supply chains. The company has championed 3,00,000+ anchor-led MSMEs by providing inexpensive and timely working capital loans and facilitating on-time payments to improve their local and global supply chains.
On International MSME Day, the FinTech announced the launch of Revolving Short-Term Loans in an effort to broaden access to credit and empower MSMEs with purpose-built solutions to their working capital difficulties.
CredAble is diversifying its portfolio with this launch, which includes borrowers with smaller ticket sizes. CredAble has launched a revolutionary product called Revolving Short-Term Loans, which mixes term and working capital demand loans. The new product uses CredAble’s low-code technology to transform underwriting procedures and create new standards in the MSME lending industry. This unique solution delivers fast, collateral-free, on-demand operating finance with swift credit evaluation and repayment schedules that are tailored to MSME cash flows.
Also read: CredAble partners with Aditya Birla Finance to revamp credit underwriting in MSME lending
CredAble has also increased hiring in recent months, expanding its team and taking on experts such as Gaurav Varshney as EVP Product and Head of SME Lending. Gaurav’s nearly two decades of experience in banking and FinTech have helped shape CredAble’s financial services products.
Commenting on how CredAble’s newly launched solution will be instrumental in driving last-mile efficient working capital in the MSME sector, Gaurav Varshney, EVP Product and Head of SME Lending, said, “We are cognizant that MSMEs have a growing need for short-term, small-sum credit. Revolving Short-Term Loans removes the buyer’s credit rating dependency, facilitating MSME-to-MSME transactions. By introducing this flexible lending (without locking anchor’s receivables), we aim to provide more liquidity and on-time financing as per business requirements.”
Nirav Choksi, Co-founder and CEO of CredAble, said, “This is a testament to CredAble’s commitment to addressing the growing working capital needs of MSMEs. Backed by low-code technology, we are able to quickly develop and launch new financial solutions and handle an increasing number of small-ticket borrowers without compromising on service quality. With the launch of our new MSME lending vertical, we are uniquely positioned to enhance small businesses’ access to affordable sources of capital.”
CredAble has achieved a milestone aggregate throughput of USD 8 billion across its working capital finance platforms, representing a stunning 128% rise over the previous fiscal year.
With this revolutionary product’s introduction, the company hopes to treble its lending book this fiscal year, providing businesses with creative working capital finance solutions.
