Credable rebrands to _able after facilitating $650 million in loans across Africa

Credable's $650 Million Loan Facilitation Has a New Name: _able

Meet Nadeem Juma, the co-founder and chief executive of _able, the fintech company that's been quietly revolutionizing the way loans are facilitated across Africa. According to _able, its new name reflects its evolution from a digital credit provider into a broader financial technology company. This shift is no small feat, especially considering the company has already facilitated a staggering $650 million in loans. For small and medium-sized businesses in Sub-Saharan Africa, this is nothing short of a lifeline. They face an estimated $100 billion financing gap, making it difficult to access the credit they need to grow.

_able's new name is more than just a rebranding exercise; it's a reflection of the company's growth and ambition. As Nadeem Juma noted, its role has evolved beyond simply determining who is credible. The company is now building the infrastructure that enables financial access at scale. This is a significant development, considering the growing demand for companies that provide the technology, underwriting, and portfolio management systems needed to run lending and savings businesses.

The fact that _able is rebranding to reflect its expanded scope is not surprising. As banks and telecom operators push deeper into lending and savings products, they are turning to specialized providers like _able for the technology and infrastructure they need. This trend is part of a larger shift towards digital finance, driven by the need for more efficient and accessible financial services. In this new landscape, companies like _able are well-positioned to capitalize on the growing demand for financial technology.

Unlike traditional lenders, _able does not primarily make loans from its own balance sheet. Instead, it sits between capital providers and distribution channels, supplying the technology, risk models, and portfolio management systems that connect the two. This model has enabled _able to facilitate more than $650 million in lending, despite raising only about $2.7 million in disclosed funding from investors. This is evidence of the company's innovative approach and its ability to scale without relying on traditional funding models.

As _able continues to expand its reach and offerings, it's likely that we will see even more impressive results. The company has already announced plans to make its lending and savings technology available to more banks, telecom operators, and fintechs, allowing them to launch financial products without building their own risk and portfolio management systems. This is a significant development, considering the estimated $100 billion financing gap faced by small and medium-sized businesses in Sub-Saharan Africa.

In conclusion, _able's rebranding to reflect its expanded scope is a significant development fintech. With its innovative approach and ability to scale, the company is well-positioned to capitalize on the growing demand for financial technology in Africa. As Nadeem Juma noted, the opportunity is significant, and _able is poised to play a major role in shaping the future of financial access on the continent.