Credable, a digital banking infra startup that wants to build Unit for emerging markets, gets funding
- They allow businesses such as mobile operators, e-commerce platforms and logistics companies to embed and enable banking products for their customers.Credable, an upstart in this category that provides its clients with the technology stack, scoring capabilities and banking partners, has raised a $2.5 million seed round.
- With this new financing, Credable plans to launch four more products this year and partner with businesses in these countries.“The problem we’re trying to solve is that a huge population of underbanked customers need banking services to improve their livelihoods.
- Since then, the fintech has enabled over six products for various businesses, from banks and mobile network operators to e-commerce platforms and fintech players across three markets: Tanzania, Kenya and Uganda.
- In addition to the technology stack and alternative credit scoring capabilities, Juma said the startup “handholds” its business customers through product design, development, and management and works with them to ensure the product is relevant to their end consumers.
- There’s a massive opportunity to create impact at scale through a model which helps solve the problem at scale, rather than creating new channels and acquiring customers individually.”
- So far, over 1.2 million people have opened accounts on its platform and more than 200,000 customers (including consumers and SMEs) have used its banking products.
Embedded finance solutions in less developed markers are becoming more prominent as platforms look to provide various financial solutions to the unbanked and underserved. Banking infrastructure provi [+6150 chars]