CreditEnable connects lenders with small and medium-sized enterprises (SMEs). Its technology platform enables companies to secure cost-effective loans whilst minimising lengthy underwriting processes for lenders through the use of proprietary data analytics, AI, and other technology.
We spoke to Nadia Sood, Group CEO and Founder of CreditEnable, about the company's expansion plans and why it chose the UK as its base from which to spearhead its global growth.
What does your company do?
CreditEnable is a credit insights technology solutions company. We have built an effective clearing platform for SME borrowers and lenders to transact on SME loans. We built the business as there is a major issue of inefficiency in this segment of the credit market which is problematic for borrowers and for lenders alike.
On average globally it takes 6 to 8 weeks for a small business to secure a business loan whereas in contrast a consumer can get a loan in a matter of minutes online. There is very little digitisation in this space, so it makes it very difficult for borrowers to find the right lender and it also makes it very difficult for lenders to underwrite in a cost effective and timely manner.
We sit in the middle and help the transaction clear very quickly and efficiently for both sides. We help SMEs understand their credit profile and thereby also which lenders are going to want to lend to them, how much and at what rate. We then do all the heavy lifting of getting that loan for them and we don’t charge them any fees. For lenders we help them significantly reduce the time it takes to underwrite the loan, reduce friction on the transaction and of course also reduce their costs. A win-win-solution for everyone driven by technology.
Tell us about your UK and global operations.
We set up the business at the end of 2017 here in the UK. We have a team of 35 people in the UK and in India.
The first attraction for us to set up in the UK was the high level of tech talent in the UK, particularly in the field of financial services. This was very important for us because we were building a complex platform that needed highly skilled interventions by people who could help us deliver those first iterations
What are the main benefits to being based in the UK?
We have global ambitions for the business which is why we set up in the UK. There are a number of factors for wanting to be established in the UK.
The first attraction for us was the high level of tech talent in the UK, particularly in the field of financial services. This was very important for us because we were building a complex platform that needed highly skilled interventions by people who could help us deliver those first iterations.
The second was the ease of doing business in the UK. It is simple to get yourself established in the UK, especially when you are a technology firm, in terms of R&D support from the government for international expansion. There is also a large number of sophisticated incubators where you can iterate on your product with a large number of global financial institutions.
Thirdly, there is a good infusion of capital from around the world into the UK fintech ecosystem. We have been able to attract investors from literally across the world. Our investor group spans Sillicon Valley to Singapore.
There is so much experience and innovation in the digitisation of financial services here in the UK that I think the UK will be able to play a disproportionately important role globally by rolling out those innovations into other markets
Tell us about your company's growth ambitions.
Right now, we're only servicing clients in India but in the future, we will look to expand into Southeast Asia to countries like Thailand, Indonesia and Vietnam with Singapore likely to be the hub for this region. We would also look to the UK and Europe from the UK base here.
There is so much experience and innovation in the digitisation of financial services here in the UK that I think the UK will be able to play a disproportionately important role globally by rolling out those innovations into other markets.