Business

CredAble’s business super app UpScale gains 200,000+ businesses

CredAble’s Launched in November 2021, the application has processed over 1 million invoices amounting to INR 10,000+ Cr. to date

CredAble’s Observing an upsurge in the demand for working capital and the digital transformation in the MSME ecosystem in India, UpScale by CredAble, a business super app, has gained 200,000+ businesses since its launch in November 2021.

The CredAble’s business super app exhibits fast traction due to its simplified & completely digital application process in lending, trade facilitation, easy-to-use growth tools, and powerful business intelligence & analytics.

UpScale by CredAble, with its unique solution of combining trade, credit, and payments to facilitate business growth, is empowering its customers and their businesses to be digitally able.

Catering to most of the trade, credit & payment challenges faced by the MSMEs and SMEs in the new digital world, “In India, only 16% of MSMEs have access to formal credit, thus creating a gap of USD 350 Billion. MSMEs in India are required to improve their finances and grow at a rapid scale swiftly. At CredAble we try our best to bridge the gap between the challenges faced by the MSMEs and their full potential. We happen to be at the cutting edge of molding the future of India Inc. We aim for inclusive growth for various small businesses by providing them with easy & digital access to lending, growth tools, cashflow management, payments, and trade infrastructure”.

Mr. Nirav Choksi, Co-founder & CEO, CredAble said,

In this pursuit, CredAble launched UpScale, a business super app in November last year. Unlike other business apps that focus either on payments or cash flow management, UpScale focuses on combining trade, credit, and payments to provide small businesses with a unique growth solution.

In addition, CredAble’s UpScale’s proprietary technology has analyzed credit reports submitted by 700 lenders, bank statements transaction amount of INR 5,000 Cr, and over a million invoices amounting to a total of INR 10,000 Cr.+ to find the right borrower-lender-lending product match.

An easy-to-use interface, a completely online application process without any paperwork, and a partnership with 10+ leading banks & NBFCs have enabled UpScale to provide lakhs of businesses digital access to formal credit.

In April, CredAble’s UpScale also launched a comprehensive growth tools suite for businesses for faster vendor verification that includes GST number verification, PAN number verification, GST to PAN number verification, and Bank Account verification among others.

In recent developments, UpScale added a unique GST verification super tool that further enhances the expansion and financial inclusion of Indian MSMEs and SMEs. The GST Super Search tool from UpScale is a comprehensive tool that quickly validates the CredAble’s GSTIN numbers of businesses or customers and provides users with unique features like GSTIN confirmation, PAN number verification linked to the GST number, and GST returns filing status.

It also helps the customers to verify bank account numbers. Thus, allowing them to be aware of the current and exact background of the establishment they wish to do business with.

“We are extremely thrilled that in such a short time span we’ve been able to service more than 200,000 businesses by combining trade, credit, and payments for growth at scale. At the same time, users have provided us with the most relevant feedback in terms of their challenges and what could be the potential solution. This led us to come up with a unique feature like the GST Super Search Tool that authenticates the businesses they partner with, in only a couple of seconds. With GST verification, PAN number verification, and Bank Account verification happening with just ONE query, it saves businesses hundreds of hours of operational processes. The most unique thing about UpScale is that there is no other app in India that provides these services; nor are such details available easily on other portals”

Mr. Nitin Sharma, CPTO & MD (UpScale) at CredAble said,

Following are the key features of the GST Super Search Tool that can be used by businesses to verify new contacts instantly

GST Compliance Score Check is a verification process that gives you accurate details regarding the business using their GST number.
Instant Bank Account Verification that authenticates the company as well as the bank details of the company you are doing business with, making sure it’s not fraudulent.
PAN to GST Number is a feature that helps you find a business’s GST number by using their PAN number hence providing a smart workaround to get all the information available to verify the genuineness of a specific vendor.
PAN Verification, helps authenticate the PAN of a business. This feature is of utmost importance due to the alarming frequency of fraud happening in the market.

About CredAble:

CredAble is India’s largest working platform enabling more than USD 5 billion annually in working capital for India Inc. which includes large, mid, emerging corporates, MSMEs, and financial institutions. CredAble’s platform hosts over 100 corporate customers, over 3,50,000 small business borrowers, and over 30 large financial institutions and banks. By leveraging our technology built in-house, expertise in big data analytics, trade finance, and partnerships with capital providers, we lead the working capital space while witnessing over 500% year-on-year growth.
The Company was recently awarded the “Best Technology Use Case” award at BW Business World Unicorn Summit 2022, for building a tech stack that is robust & agile which has transformed the working capital landscape in the country. It was also awarded in the Fintech, and Deep Tech categories at NASSCOM Emerge 50 Awards 2020 and as the Best Supply Chain Finance Solution of the Year 2019 at the Inflection 2019, a leading supply chain summit. The Company was selected into the Oracle Startup Cloud Accelerator Program 2018, SAP Startup Studio Cohort 2020, and was also recognized by the Maharashtra Government as the Best FinTech Startup 2018.
This article was shared with Prittle Prattle News as a Press Release.
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