Virtual banking platform Credable aims to expand operations to new markets after acquiring $2.5 million in funding.
The seed funding round, which was first reported by TechCrunch, should help the firm with further expanding its products and services. These reportedly include various banking products for clients based in Uganda, Kenya as well as Credable’s home country, Tanzania.
Company CEO and Co-founder Nadeem Juma said that the problem they’re trying to address is the huge population of underbanked users who need modern banking services in order to improve their livelihoods.
In statements shared with TechCrunch, Juma explained that they’re in different channels that they use every day, “like telco-led mobile money, eCommerce platforms and gig economy apps.”
He added that instead of creating a new channel to bank these clients, they intend to support these channels via a B2B2C offering that “provides the customers with the banking services they need in the channels they’re already in.”
Credable — which should not to be confused with CredAble, an Indian business growth app — stated in the update that it intends to expand into other key markets, such as Pakistan and Nigeria.
It’s worth noting that Nigeria has now become the very first African nation to adhere to open banking regulations/guidelines.
These new regulations, introduced by the Central Bank of Nigeria, specify the guidelines that apply to how traditional banking institutions and other financial services providers are able to gain access to, and handle client data in a compliant manner.
As noted by the company’s management:
“Credable is a Digital Banking Platform enabling Digital Banking products for Businesses and connecting them to Financial Institutions to better serve the underbanked populations with products they need. Credable Digital Banking Platform is being used by leading Mobile Operators, NeoBanks, Fintechs and traditional Banks.”
They added:
“Credable’s platform includes scoring capabilities. Our platform ingests structured and unstructured data at scale, allowing for real time credit risk pricing. With Credable the underbanked have access to relevant financial services directly delivered in the channels they are already in.”
