KARACHI – A Pakistani startup based on financial technology or fintech has raised $1.5 million in the recent seed round.
CreditBook, a platform that aims to serve Pakistan’s burgeoning yet underserved Micro, Small and Medium Enterprises by digitizing their businesses, announced the development in a statement on Tuesday.
The project, which was launched a husband and wife team Hasib Malik and Iman Jamall, and Hisham Adamjeein in 2020, witnessed 450% growth in the last six month while its total number of users has crossed 500,000 mark.
The digital platform has secured the investment from a mix of local and international investors, with Pakistan’s BitRate VC and Dubai-based VentureSouq leading the round.
Better Tomorrow Ventures, Ratio Ventures, and Toy Ventures also took part in the round, marking their first investment in Pakistan.
Quiet Capital, i2i Ventures, and angel investors including founders of Indonesia’s BukuWarung and Colombia’s Rappi also participated in the deal.
CreditBook’s goal is to reduce stress for users. Firstly, by tracking both cash received and payments pending, our ledger system enables greater efficiency and transparency for decision making. Secondly, automated payment reminders are sent directly to creditors, ensuring that return on credit is faster and easier for our users.
The startup also sends reminders on WhatsApp and SMS, a system which makes payment recollection three times faster.
Two of the firm’s founders, Iman Jamall and Hisham Adamjee, were recently feature in the Forbes Asia 30 under 30 List in the Social Impact category.
The founders of the project have expressed excitement over securing a strong group of investors.