Fintech Company Credable Raises USD 2.5 M Seed Funding Round

Credable, a fintech company that provides its clients with technology stack, scoring capabilities and banking partners, has raised a USD 2.5 M seed round. It follows the pre-seed round of the embedded finance platform secured in early 2021 and led by The Continent Venture Partners (TCVP). Other investors in the round included Launch Africa, MAGIC Fund, ACASIA Ventures, AAIC Investment, Adaverse/Emurgo Africa and other strategic angel investors.

Credable provides an end-to-end solution without exposure to credit risk by partnering with balance sheet providers (usually tier-two financial institutions that struggle to access new customers because they lack relationships with tech-enabled businesses). Credable has also launched two products: a 30-day term loan product in partnership with Vodacom M-Pesa in Tanzania and a short-term lending product for Diamond Trust Bank in Kenya. The startup plans to launch four more products this year and partner with businesses in these countries with the new financing.