AbleCredit, a Bengaluru-based AI-driven credit underwriting platform, has raised $1.25 million (INR 10.4 crore) in a seed funding round led by Merak Ventures, with additional participation from Venture Catalysts and Helios Holdings (Suraj Nalin).
The newly acquired funds will be directed towards scaling up the company’s artificial intelligence stack and expanding its operations, marking a significant step in its growth trajectory.
Founded in 2023 by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, AbleCredit aims to revolutionize the lending process by helping businesses make informed credit decisions.
The startup’s platform leverages advanced AI products and solutions to automate credit applications, analyze cash flow, determine loan terms for borrowers, and perform comprehensive risk assessments.
AbleCredit’s AI systems are designed to generate detailed credit reports in under 3.5 minutes, ensuring compliance with the lender’s credit policies.
This rapid and accurate analysis enables lenders to make quicker and more informed decisions. According to Utkarsh Apoorva, the company’s AI system utilizes voice, vision, and language capabilities to extend credit analysis into sectors that have traditionally been overlooked.
By analyzing alternative data sources, AbleCredit produces comprehensive credit assessments, serving a wide range of industries.
The startup is also developing Generative AI (GenAI) tools, which it claims can expedite the credit underwriting process for lenders by a factor of 20 and significantly reduce operational costs.
This innovative approach positions AbleCredit at the forefront of AI-driven credit solutions, aiming to enhance efficiency and broaden access to credit.
