Summary:

• Dubai-based start-up Credable has raised $2.5m in seed funding to finance expansion into Nigeria and Pakistan.
• The start-up, which operates banking-as-a-service through partnerships with local firms, already offers a 30-day term loan product in Tanzania and a short-term lending product in Kenya.
• Credable is eyeing the launch of four new products this year and aims to partner with telecoms firms to achieve his goal of enabling customers to access banking services.

Credable has raised $2.5 million seed funding to expand its services into Nigeria and Pakistan, and then, other markets in MENAP and West Africa.

The startup, headquartered in Dubai, offers banking-as-a-service to customers through partnerships with local businesses. For example, it is running a 30-day term loan product in Tanzania via Vodacom M-Pesa and a short-term lending product in Kenya via Diamond Trust Bank.

According to a TechCrunch report, the startup covers savings products, term loans, overdrafts, asset financing and other credit solutions. It has serviced over 200,000 customers and registered 1.2 million users on its platform, as well as overseen disbursing $5 million in loans.

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Credable CEO Nadeem Juma is eyeing the launch of four new products in 2023 in new markets and it is banking on partnering with telecommunication companies to achieve its goal.

“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,” Juma explained.

The startup relies on a revenue-sharing model with its partners instead of the cost-per-service model or subscriptions that is common in this kind of industry.

Creadable has not revealed a timetable for rolling out the new products and expanding into newer markets.

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