Sunday, April 21, 2024

CreditBook: Pakistani Fintech Startup Raises $1.5 Million in Seed Funding

CreditBook, a Pakistani fintech company that helps micro-entrepreneurs digitize and keep track of their transactions, announced on Tuesday that it had raised $1.5 million in seed funding from foreign and local investors.

According to the statement, the company, which launched in June 2020, has over 500,000 users and has grown by over 450 percent in the last six months. It said the money would help it grow its user base and product offerings by digitizing more small businesses.

As per the startup, the seed round included Pakistan’s BitRate VC and the UAE’s VentureSouq, as well as US-based fintech fund Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures.

CreditBook is also backed by investors and top entrepreneurs from BukuWarung, Musha Ventures, and Rappi, according to the company.

According to the statement, CreditBook also sends reminders via WhatsApp and SMS, making payment recollection three times faster.

“The app focuses on accessibility and inclusivity, and it’s available in six different languages, the most in the industry.”

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