AbleCredit, an AI-driven credit underwriting company founded by a dynamic team consisting of Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, AbleCredit is at the fore of developing cutting-edge generative AI models. These models will boast voice, vision, and language capabilities, similar to an AI assistant for the credit team. This AI model has the capability in generating comprehensive credit reports on a case-by-case basis, all while adhering strictly to established Credit Policy and guidelines.
What sets AbleCredit apart is its ability to extend its services even to the informal sector, which makes up a significant portion of new-to-credit customers and grapples with limited data availability. Leveraging this innovative model, AbleCredit claims to have significantly enhanced underwriting efficiency, boasting an incredible 20x acceleration in underwriting speed and a substantial 12x reduction in underwriting costs.
The AI-driven credit underwriting company, recently announced that it has successfully secured $1.25 million (approximately Rs 10 crore) from its seed funding round. The round which was led by Merak Ventures also saw the participation of notable backers including Venture Catalysts and Helios Holdings, represented by Suraj Nalin. This seed round marks Merak Ventures’ fourth investment for the year, highlighting its commitment to promoting innovation and growth in the AI sector.
The capital infusion will fuel AbleCredit’s noteworthy plans to scale its AI operations, while promoting business expansion and growth endeavors, as highlighted in a recent press release by the company.
Merak Ventures, in November 2022 unveiled a $100 million fund as an early-stage venture capital firm with a clear mandate to invest in promising startups over the next three to four years. This latest investment in AbleCredit not only points up Merak Ventures’ strategic vision but also echoes its confidence in the potential of AI-driven solutions to reshape the financial landscape.
