The investment group Floreat has completed an investment into fintech firm CreditEnable.
The investment by Floreat’s Principal Investment Fund I Limited comes as the firm continues its fintech venture strategy.
CreditEnable focuses on expanding access and usage in underserved areas and develops credit profiling tools for SME borrowers to enable them to secure affordable debt.
Jeff Sinclair, Managing Director at Floreat Principal Investing who headed up the investment, said: “CreditEnable is occupying a space with huge potential for growth, whilst also working to increase the efficiencies for these firms to secure affordable debt, grow their businesses, and in turn improve socio-economic conditions across India.”
“We continue to believe some of the most compelling growth opportunities remain in the venture capital space, and our high conviction investment philosophy allows us to back these new firms with the capital they need to grow.”
The company currently has offices in London and Dubai and has recently partnered with the Confederation of All India Traders which represents 70 million SMEs in India.
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The current focus is on India however the firm plans to have a global focus, and is currently working with the Mayor of London’s office as part of its International Business Programme.
Nadia Sood, CEO & Co-founder at CreditEnable, added: “We are delighted that Floreat has invested into CreditEnable.
“There is a significant opportunity to bring efficiencies through technology into the SME credit market globally.
“We are pleased that Floreat has recognised the work we are doing to capitalise on this opportunity.
“We look forward to working closely with Jeff and his team which have an impressive track record of working closely with the expansion of new firms such as ours.”