Karachi, Pakistan – (BUSINESS WIRINGPakistani fintech startup Creditfix has announced that it has secured an undisclosed amount of seed funding in a round led by venture capital fund Insitor Partners Pte. Ltd. The deal marks the first ever convertible loan from an international investor to a Pakistani company to be approved by the State Bank of Pakistan (SBP) and is Insitors Partners’ first investment in Pakistan.
Hammad Died, country manager for Pakistan of Insitor Partners, a women-majority firm, said:
“Our goal is to pave the way for cheaper, faster and more equitable access to finance for all walks of life. We look forward to announcing additional investments in the ecosystem. “
With over 100 million unbanked people in Pakistan, Creditfix offers traditional and Sharia-based lending solutions and financial services for MSMEs. By introducing new technology such as artificial intelligence (AI) to lower operating costs for lending, Creditfix is using its mobile app platform to guarantee and deliver productive asset-backed loans ranging in value from $ 60 to $ 10,000.
CEO / founder Owize Zaidi believes this will open up more opportunities for foreign funding in Pakistan’s startup ecosystem:
“Our investors share our vision of profitability responsibly and are ready to demonstrate our Risk at Scale ™ system in action in the Pakistani and East African markets.”
A local investor is also involved in the unsecured convertible credit facility. ACT group and high-income individuals.
Shehriyar Khidri, Managing Partner at Deosai Ventures impressed by CreditFix technology:
“Creditfix is the only fintech that combines a field-proven proprietary credit scoring model and technology platform with a deep knowledge of consumer lending. Their team has a unique approach to the market and we are delighted to help them scale during this sector’s historic boom. ”