Dubai-based fintech group, Credable, has closed a $2.5 million Seed Round led by Ventures Platform Fund IV LP, with participation from Launch Africa, MAGIC Fund, ACASIA Ventures, AAIC Investment, Adaverse/Emurgo Africa, and strategic angel investors. Credable, founded in 2021 by Nadeem Juma, Jad Abbas, and Michael Tarimo, provides a digital banking infrastructure that allows businesses across emerging markets to offer their customers banking products easily, quickly, and securely.
Since launching its first product less than a year ago, Credable has partnered with a variety of businesses, including banks, mobile network operators, eCommerce platforms, and fintech players, providing access to banking products for over 1.2 million people. The company's platform has seen over US$ 5 million of loans disbursed and over US$ 3 million of deposits into its savings products. Credable aims to use the Seed Round funding to expand its team and scale its market presence across Africa and the MENASA region.
Credable's CEO, Nadeem Juma, stated, "The shift to ubiquitous digital banking and embedded finance has never been more evident in our markets. Our Seed Round represents a significant milestone that will support our continued mission to transform the digital banking landscape in our markets and for Credable to be the enabler of access to the banking products people need." This is the second fundraising round for Credable, having previously raised a Pre-Seed Round in April 2021, led by The Continent Venture Partners (TCVP).
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