Fin-tech startup, Creditable Ltd., offers cloud-based software for money on credit through the use of technology and personal social networks. It enables credit unions, lenders, businesses and individuals to give loans to their customers, employees, suppliers and family professionally in minutes of their time. The company founded in 2014, by entrepreneur Sechaba Ngwenya is based in London.
Ngwenya, a South African who grew up in Botswana first got the idea for Creditable, when he was 18-years-old. At that time because of his inexperience and lack of startup capital, the idea failed to take off. Ngwenya then spent his early twenties as a banker, then developer and an advocate, while polishing his entrepreneurial skills on the side. He launched his first venture called EventAmi, an event company which handled invitation, management, online ticketing, validation, billing and collection. He later sold it for a substantial profit 2013.
Around 2012, his dreams of Creditable slowly began to take shape. His idea of fair credit, which was affordable, accessible, transparent and inclusive, paved the way for the company. The company now focusses on aiding businesses of all kinds to help manage their employees’ finances, through wage advances, or loan schemes in the short or long term. The services which are available in USA, UK, South Africa, Canada, Australia, New Zealand, India, Ireland, Mexico and The Netherlands, lets employees apply for loans against their wage, request a deduction in their wages as a savings plan anywhere, anytime, even with their mobile devices.
In 2014, Creditable was selected as the top 10 finalist in the international startup competition, Startupbootcamp FinTech. Other recognitions include the company being picked up from 436 Fintech startups in Africa, Europe and the US to join the European accelerators programme. Ngwenya was also selected from hundreds of entrepreneurs to join the United Kingdom Trade and Investment programme, which works with businesses to attract foreign direct investment into Britain.