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Business News/ Companies / News/  CredAble launches a credit and cash flow management app enabling growth for SMEs
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CredAble launches a credit and cash flow management app enabling growth for SMEs

UpScale is a credit and cash flow management app that connects with existing accounting software of a business, syncs in transaction details, connects with bank accounts and credit bureaus and gives instant access to working capital with the help of partnering financial institutions

Nirav Choksi, co-founder and CEO, CredAble.Premium
Nirav Choksi, co-founder and CEO, CredAble.

NEW DELHI: CredAble, an Artificial Intelligence-powered technology platform enabling working capital financing across enterprise ecosystems, has  introduced UpScale for SMEs and MSMEs in India. 

CredAble disbursed 3,500 crore worth of loans to more than 100,000 small businesses last month. With UpScale, the company plans to penetrate deeper into the ecosystem offering tailor-made solutions for small business owners.

SMEs are largely starved in terms of credit and growth, yet contribute nearly 30% of the GDP. Explaining the need to overcome these challenges, Nirav Choksi, co-founder & CEO, CredAble, said, “Due to broken financial management, only 16% of MSMEs have access to formal credit, creating a gap of $350 billion. Thus, it is important that MSMEs manage their finances better and scale faster. With UpScale, our aim is to create inclusive growth for small businesses by providing them with cash management, payment, credit and growth tools that will enable small business owners to efficiently grow and manage their businesses."

CredAble recently raised $30 million in its Series B round and is using the raised funds to enhance its reach as well as solutions for small businesses via UpScale. The platform syncs in with the existing accounting software and bank accounts of a business and provides real-time data that helps them make informed decisions to manage financial operations like collection and payments and avail instant, collateral-free access to working capital financing along with other growth tools, the company said in a press release.

Nitin Sharma, chief product officer and managing director, SME Business, said, “This is an all-in-one credit and cash flow management app which provides a detailed yet intuitive look at the entire financial position of a business. It helps in bridging the gap between financial operations and financial reporting, thereby, allowing the business owner to make informed financial decisions about the business. Besides, UpScale helps automate credit and cash flow management…"

UpScale is a credit and cash flow management app that connects with existing accounting software of a business, syncs in transaction details, connects with bank accounts and credit bureaus and gives instant access to working capital with the help of partnering financial institutions. While looking into banking, payments, accounting, reporting, working capital requirements and other growth tools, it takes care of real-time & unified view of complete financial operations. The agile user interface on the web and mobile, with an easy-to-access dashboard and other features, saves the user’s time.

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Published: 11 Nov 2021, 12:40 PM IST
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