CreditEnable has announced a $2 million pre-Series A funding round.

The artificial intelligence-driven small and medium-sized enterprise (SME) credit business stated that the investment will allow it to develop and launch a second-generation product for both lenders and borrowers, accelerate its direct marketing outreach to SMEs, and increase traction with a growing client base of lenders.

Established in 2017, the startup’s marketplace helps improve the creditworthiness of SMEs by increasing their access to affordable credit, while simultaneously enabling lenders to improve the speed of identifying, assessing and on-boarding higher-quality borrowers.

Founder and chief executive Nadia Sood commented: “The SME credit market globally is notoriously inefficient, leaving millions unable to unlock growth capital at a reasonable price - the demand and supply exists, but the market is not transacting efficiently - that is where CreditEnable comes in.”

The firm has already closed a seed round of $5 million, attracting early-stage FinTech investors such as Cris Conde, executive in residence with Accel Partners.

That seed investment enabled the company to develop of the first-generation of its managed marketplace platform; launch into the Indian market; secure its first 20 paying lender customers; and launch its demand generation strategy which is currently resulting in more than 5,000 SME loan applications a month.

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