CreditEnable ramps up its activities in India to help lenders and SMEs, affected by the COVID19 crisis
London, Mumbai, Thursday, 16th April 2020- CreditEnable a transformational AI-driven SME credit business, announced today that it is ramping up its activities in India to help improve access to finance for SMEs during COVID19, and is adding Aditya Ghosh, Former President and Board Member of IndiGo and a current Board Member of OYO, to its global investor group and its advisory board.
CreditEnable’s mission is to help SMEs succeed at what they are best at i.e. growing businesses and creating jobs. The firm is headquartered in the UK and has been operating in India since 2017 where it has been building a fully digital and curated marketplace for SME finance, where both lenders and borrowers benefit from reduced transaction costs, lower risk, better outcomes and faster deployment of capital.
A win-win for both SMEs as well as lenders, the CreditEnable marketplace is built on award- winning technology backed by predictive analytics, artificial intelligence and machine learning, and functions as the perfect bridge between SME lenders and borrowers. CreditEnable’s India marketplace currently caters to more than 20 leading lenders with INR 537 billion (USD 70 billion) of loan books.
CreditEnable identifies the right lender and right product for each borrower based on their specific business requirements and then does all the work to get them the loan. The backend technology is so good at identifying exactly the right product and right lender for each SMEs that the SME never has to shop around, thus ensuring that the process of looking for finance has no impact on their credit score. SMEs don’t have to pay CreditEnable, and even if there is no right match for them today, CreditEnable works with the SME to improve their profile and help them get the loan best suited to them, hassle-free in the near term.
Commenting on the development, Nadia Sood, CEO and Founder of CreditEnable said, “In these difficult times, we have decided to ramp up our activities in India to cater to the increasing demand for finance from the SME sector. India was on track to become the world’s fourth largest economy prior to COVID19, with the biggest contributor to its GDP and exports being its SME segment. Lenders and borrowers in this segment are going to need support more than ever and we are well positioned to help them. Aditya has successfully grown category leading businesses in India, one of the world’s largest economies- and taken those businesses global. He is someone known for his strategic business thinking and has a deep rooted social conscience. We are delighted he has invested into the company and is joining our Global Advisory Board. Ensuring that Indian SMEs get access to affordable finance rapidly and that lenders can deploy capital quickly is more crucial now than ever and we are delighted that Aditya has joined us to help ramp up our activities.
On investing into the Company and joining CreditEnable’s Global Advisory Board, Aditya Ghosh said, “We are currently in unprecedented times, and small and medium enterprises across the globe are faced with one of the toughest business crisis. The entire process of accessing affordable credit easily and quickly, when SMEs need it, has always been one of the biggest pain points in their business journey. CreditEnable provides a secure, end-to-end and contactless experience in the SME lending space something that is critical given the current COVID situation.”
“I believe CreditEnable’s business model is best suited to help SMEs manage their finances, evaluate their business strategies, as well as assist lenders to better service customers through a contactless and cost effective digital platform. I am excited to be part of the company’s growth and continue to drive a positive impact amongst small businesses in India and eventually other international markets.”, Aditya added
Aditya joins the CreditEnable Global Advisory Board, comprising of industry titans such as Ishaat Hussain, former Tata Sons CFO, Abhijit Sen, former CFO Citi India, and former Chairman of Citicorp Services India along with current and former senior global executives from S&P, Barclays, Citibank, HSBC and JP Morgan, Sun Gard, and other leading global financial services firms.
Aditya, a lawyer by profession, worked at InterGlobe as a general counsel before becoming the President & Member of the Board of IndiGo. Over a 10 year period, Ghosh helped turn the company into India’s largest and most profitable airline. After his departure from IndiGo, Aditya became a senior adviser to the Tata Trusts, helping lead its cancer care initiative before taking on the role as CEO of OYO Hotels & Homes for India and South Asia. He is currently a Member of the Advisory Board of OYO Hotels & Homes, one of the world’s leading hospitality chains with a presence across 80 countries, and is also an investor with the VC firm, Fireside Ventures. Additionally, Aditya has also made several personal investments in early stage companies.
CreditEnable has already attracted an impressive list of globally renowned early-stage fintech investors such as Floreat, Astia, Alan Morgan, Chairman of Adfisco, and former head of McKinsey’s financial services practice in UK, Europe and the Middle East, Cris Conde, former CEO SunGard and Partner, Accel Ventures. The company was recently named as one of the ‘Most Influential Financial Technology Companies’ by Financial Technologist and one of the ‘top 50 firms in the world delivering innovation to financially-underserved communities’ by Visa. CreditEnable also has an exclusive strategic partnership with CAIT (The Confederation of All India Traders), an alliance that creates exclusive access to affordable finance for around 70 million small and medium sized enterprises in India.
CreditEnable is a multi-award winning credit insights and technology company that applies proprietary data analytics, deep learning, AI and technology to build solutions to the world’s biggest financial challenges. The firm was established in late 2017 and is building the world’s first managed marketplace for SME credit. The Company provides decision optimising solutions to help SME lenders grow efficiently and supports SMEs to prepare for and access affordable credit from formal financial institutions.
CreditEnable’s management team has more than 100 years’ combined expertise in technology, credit, risk and the SME segment. They have built and managed credit and risk platforms and data analytics solutions for the largest global financial institutions including Bankers Trust, Bank of America Merrill Lynch, Deutsche Bank and Citi and Experian. In India CreditEnable works with more than 20 of the country’s leading financial institutions including ICICI bank, IDFC First Bank, Kotak Mahindra, Bajaj among others. The firm’s founder and CEO, Nadia Sood, a serial investor and entrepreneur was profiled in Forbes last year as one of a select group of Fintech entrepreneurs to watch. (http://bit.ly/38sHYxO) The firm’s Global Advisory Board includes current and former senior figures from S&P, Barclays, Citibank, HSBC and JP Morgan, Sun Gard, and other leading global financial services firms.
UK Media contact:
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India media contacts:
Mr. Akbar Khan
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CreditEnable Ltd, 239 High Street Kensington, London W8 6SA, UK
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