AbleCredit Raises $1.25 Million in Seed Funding led by Merak Ventures 

AbleCredit, an AI credit underwriting company, has raised a $1.25 million round in Merak Ventures, a sector-agnostic early-stage venture capital (VC) firm.

The seed round was led by Merak Ventures, with participation from Venture Catalysts and Helios Holdings (Suraj Nalin). The investment from Merak Ventures will enable the start-up to scale its AI operations along with business growth and expansion. 

Using cutting-edge AI products and solutions, AbleCredit is reportedly on a mission to close the credit gap in emerging nations. The start-up is developing generative AI models with voice, vision, and language capabilities that function like an AI assistant to the credit team and can generate comprehensive credit reports on a case-by-case basis while adhering to the credit policy and guidelines. 

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Manu Rikhye, Partner at Merak Ventures, said, “Credit underwriting, historically a time-consuming process in loan disbursement, is ripe for transformation with recent advancements in AI. AbleCredit's innovative tools promise unprecedented speed and efficiency in underwriting, empowering companies to make decisions faster and more effectively.” 

“Emerging economies are facing a significant credit gap in the MSME sector, leading to unemployment and economic barriers. At AbleCredit, our AI system leverages voice, vision, and language capabilities to extend credit analysis into traditionally overlooked sectors. This approach enables us to serve a wide range of industries by analyzing alternative data sources to produce comprehensive credit assessments,” said Utkarsh Apoorva, co-founder and CEO of AbleCredit. 

AbleCredit currently focuses on both secured and unsecured segments. By utilizing advances in artificial intelligence, the start-up hopes to provide small businesses with loans in under a minute. Its ambitious goal is to process one million loan applications over the course of the next 12 months. Merak Ventures is a sector-agnostic, early-stage venture fund investing in companies that are solving real problems and creating large-scale impact in the B2B and emerging technology sectors.