Acasia Ventures has finalized an investment in Dubai-based digital banking platform Credable as a part of a $2.5 million seed round led by Ventures platform.
Credable is a B2B2C digital banking platform that embeds financial services in up-and-coming businesses in emerging markets. They offer end-to-end-solutions for businesses to allow them to go live with their new financial products in weeks.
“The problem we’re trying to solve is that a huge population of underbanked customers need banking services to improve their livelihoods. They are in different channels that they use every day, like telco-led mobile money, e-commerce platforms, and gig economy apps,” said Credable’s CEO Nadeem Juma to TechCrunch. “Rather than try to create a new channel to bank these customers, we aim to enable these channels through a B2B2C offering that provides the customers with the banking services they need in the channels they’re already in.”
The $2.5 million seed fund will focus on launching Credable’s product pipeline across its three markets—Tanzania, Uganda and Kenya—with plans for expansion in bigger markets like Nigeria, Egypt and Pakistan.
Credable’s goal is to stand out among the top tiers of the field like Maplerad and Anchor by offering its customers the financial solutions that will help make their business processes a lot smoother and hassle-free.