Credable, a digital banking infra startup that wants to build Unit for emerging markets, gets funding

Emerging markets are whole new balls game when it comes to the digital banking world. Traditional banking solutions often fail to satisfy the needs of young users in these markets due to their complex regulatory environment, lack of widely accepted digital authentication systems and large number of informal sector users. This is why a new digital banking infra startup – Credable – has emerged to tackle the challenge head on.

Credable, founded by three tech entrepreneurs, is an open infrastructure that enables banks, telcos and fintech companies to securely onboard and authenticate users in emerging markets. The product utilises 3D facial recognition, machine learning and artificial intelligence to facilitate secure and cost-effective remote onboarding and identification verification for customers.

In order to reach its mission, Credable has been backed by a USD 5 million dollar Series A round led by ADB Ventures, BNP Paribas, IFC and other undisclosed investors. The funding will be used to expand its development teams and launch new products in the near future.

Using its product, Credable plans to open up new channels for customers to access financial services by employing digitisation. It also aims to simplify the digital user experience by combining the different processes of identification, authentication and onboarding into one simplified process. In addition, Credable aims to enable access to services like cross border payments and KYC processes without requiring customers to physically visit a bank or any other KYC licensed entity.

By providing such infrastructure to financial institutions in emerging markets, Credable is doing its best to power digital innovation as well as build a unit for some of the most underserved countries in the world. While this is a bold ambition, it is a much needed step for advancing financial inclusion in these regions. Through its mission, Credable hopes to show the world, that a secure and easy access to digital services is possible in any corner of the world.