The company helps micro, small, and medium-sized enterprises to digitize their transactions
Pakistani fintech startup CreditBook raised $1.5 million in seed funding in a round that included both international and local investors. The platform, which was launched in June 2020, helps micro-entrepreneurs digitize records of their transactions. CreditBook currently has about 500,000 users and grew over 450% in the last six months, according to a statement from the company.
The seed round included Pakistan’s BitRate VC and UAE-based VentureSouq. US-based fintech fund Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures also participated. CreditBook is also backed by investors and leading founders from BukuWarung, Musha Ventures, and Rappi as per the statement.
The app aims to help micro, small and medium-sized business in making decisions based on data. “By giving businesses visibility over their cash flow cycles, MSMEs will be able to increase their incomes,” the statement said.
Founders excited for the future
Iman Jamall and Hasib Malik, the founder of the app, were named in Forbes Asia’s 30 under 30 category for social impact. Iman said that she believes that investors understood the duo’s approach and will help to create a strong company.
“We’re also excited to have a strong group of investors who understand and support our approach,” she said. “We are confident we will be successful in creating a company that empowers the backbone of the economy through collaboration with some of the smartest and most empathetic people across the globe.”
Faisal Aftab believes that the future holds a lot of good in the fintech sphere. “Very exciting chapter for the company. What we have seen from them with limited resources has been incredible, but to see what’s ahead is truly exciting for the entire ecosystem,” Aftab said.
Finech needs a boost in Pakistan
There are a few fintech startups in Pakistan that have done well in terms of attracting foreign investment. However, there is still a lot of space in the country with a population of over 220 million. It is important that the private and public sectors both pay attention in this area as it can lead to further foreign investment and generate a lot of economic activity both in the short and long term.