back Back

CredAble brings ‘Revolving Short-Term Loans’ for smaller ticket-size borrowers

By Gloria Mathias

June 28, 2024

  • Australia
  • BaaS
  • Credable
Share

Credable, UK, US, Australia, India, Fintech, BaaS, Funding, SIDBI, fintech solutions, fintech news, Fintech India, SME Solutions, MSME Solutions, Women-led businesses, Revolving Short Term Loan, MSMEs, SMEs, Digital Lending Solutions,CredAble, a FinTech offering working capital financing, has announced the launch of its new product, Revolving Short-Term Loans, within its new MSME lending vertical.

As MSMEs struggle with limited access to credit and borrowing opportunities, CredAble is playing a pivotal role in tackling these challenges and strengthening supply chains with its working capital financing platform. The company has been empowering MSMEs with affordable and timely working capital financing and facilitating on-time payments to strengthen their local and global supply chains.

On International MSME Day, FinTech announced the launch of Revolving Short-Term Loans in a bid to step up its efforts in democratising access to credit and empowering MSMEs with purpose-built solutions designed to solve their working capital challenges.

With this launch, CredAble is diversifying its portfolio by including smaller ticket-size borrowers. The Revolving Short-Term Loans product launched by CredAble is a novel product that combines term and working capital demand loans. The new offering leverages CredAble’s low-code technology to revolutionise underwriting processes and set new benchmarks in the MSME financing space.

This solution provides instant, collateral-free, on-demand working capital with quick credit evaluation and repayment schedules aligned to MSME cash flows.

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 can 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.”

Previous Article

June 28, 2024

Trust Payments powers Freepay PayOut service in the Nordics

Read More
Next Article

June 28, 2024

ADIB selects Silent Eight to automate compliance screening

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Australia

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Finastra & CredAble team to offer supply chain finance to banks globally

Read More

July 22, 2024

Jifiti launches ‘Tap Now, Pay Later’ to enable banks to deploy loans with ease

Read More

July 19, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024