CredAble, a global leader in working capital technology, has partnered with Chekk, a digital identity and Know Your Customer (KYC) solutions provider, to simplify and accelerate the onboarding and compliance workflows for financial institutions worldwide. The collaboration is set to benefit banks and financial institutions across APAC, MENA, and Europe, where manual verifications and complex data collection processes often hinder scaling working capital programs.
By integrating data from 220 countries and territories, the partnership will provide region-specific solutions, risk assessment tools, and automated workflows that allow banks to quickly and securely onboard clients, vendors, and dealers. The integration of CredAble’s working capital technology with Chekk’s KYC, Know Your Business (KYB), and Anti-Money Laundering (AML) solutions will help financial institutions streamline onboarding, reduce operational costs, and eliminate multiple engineering integrations.
1. About CredAble: Working Model, Revenue Model, and Background
1.1 Founders and History
CredAble was founded in 2017 by Nirav Choksi and Ram Kewalramani, who envisioned an innovative working global capital solutions platform aimed at empowering businesses with seamless financial solutions. Over the years, it has grown to become India’s largest working capital financing technology provider, facilitating over $8 billion in annual working capital for businesses, including large corporations, MSMEs, and financial institutions.
1.2 Working Model
CredAble operates a digital platform that connects enterprises with working global capital financing solutions. It integrates data-driven insights, AI-powered risk assessments, and embedded finance solutions to streamline supply chain financing, vendor payments, and invoice discounting. The platform is designed to provide faster, more efficient access to credit, optimizing cash flows for businesses.
1.3 Revenue Model
CredAble generates revenue through multiple channels:
- Subscription Fees: Financial institutions and enterprises pay a recurring fee for using the platform’s solutions.
- Transaction-Based Revenue: A percentage-based fee is charged on each working capital transaction.
- Value-Added Services: Premium services, including risk assessment and data analytics, contribute to additional revenue streams.
2. About Chekk: Founders, Services, and Market Position
2.1 Founders and Mission
Chekk was co-founded by Pascal Nizri with the goal of revolutionizing digital identity verification and compliance management for financial institutions. The company specializes in automating KYC, KYB, and AML processes, ensuring seamless regulatory compliance and risk mitigation.
2.2 Services Offered
- Digital Identity Verification: AI-powered verification of users and businesses through biometric authentication and document validation.
- Risk Assessments: Advanced tools for fraud detection and compliance checks.
- Multi-Sources Engine: A centralized system that consolidates corporate data from global sources, ensuring accuracy and security in financial transactions.
3. How the Partnership Transforms Global Working Capital Programs
3.1 Challenges in Scaling Working Capital Programs
Financial institutions globally face significant challenges in scaling working capital programs due to:
- Manual verification processes that slow down client onboarding.
- Complex and region-specific compliance requirements.
- Fragmented data collection methods leading to inefficiencies.
3.2 Solutions Provided by the CredAble-Chekk Partnership
- Seamless API and SDK Integration: The integration of CredAble’s working capital solutions with Chekk’s KYC and AML technologies ensures a frictionless digital onboarding experience.
- Automated Risk Assessments: The Multi-Sources Engine enables financial institutions to conduct risk checks in under 20 seconds, reducing onboarding time and operational costs.
- Global Coverage: Leveraging data from 220 countries and territories, the partnership provides financial institutions with localized compliance support.
4. Industry Impact and Future Trends
4.1 The Digital Banking Revolution
The partnership aligns with the growing trend of digital banking transformation, where automated compliance and fintech integrations are becoming industry standards. Banks and financial institutions are increasingly adopting AI-driven solutions to improve efficiency and mitigate fraud risks.
4.2 The Role of Fintech in Enhancing Working Capital Solutions
Fintech companies like CredAble and Chekk are redefining working capital financing by providing innovative solutions that optimize cash flow and reduce risk. The collaboration is expected to drive further innovations in digital lending, supply chain finance, and embedded finance.
5. Leadership Insights
Satyam Agrawal, MD, Global Head of BaaS, SME and Analytics at CredAble, emphasized that this partnership is a significant step in CredAble’s global expansion strategy. He highlighted the advantages of automated onboarding, underwriting capabilities, and localized compliance support.
Pascal Nizri, Co-founder & CEO of Chekk, underscored the impact of integrating digital identity verification and financial data solutions, stating that the collaboration will strengthen financial institutions’ risk mitigation capabilities and streamline credit decisioning processes.
5. Learnings for Startups and Entrepreneurs
5.1 The Power of Strategic Partnerships
Startups should explore strategic partnerships that complement their core strengths. CredAble and Chekk’s collaboration showcases how fintechs can combine expertise to offer innovative solutions.
5.2 Leveraging AI and Automation
Automation is key to scaling operations efficiently. Startups in fintech and other industries must integrate AI-driven processes to optimize workflow and enhance customer experiences.
5.3 Global Expansion Strategies
Scaling beyond domestic markets requires deep market insights and regulatory compliance readiness. Startups must focus on building adaptable solutions that cater to diverse geographical and regulatory environments.
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