Karachi, Pakistan – (COMMERCIAL THREAD) – Pakistani fintech start-up Creditfix has announced that it has secured an undisclosed amount of seed funding as part of a round led by venture capital fund Insitor Partners Pte. Ltd. The deal marks the first-ever convertible loan financing from an international investor in a Pakistani company to be approved by the State Bank of Pakistan (SBP), and is Insitors Partners’ first investment in Pakistan.
Hammad umer, the Pakistani country director of Insitor Partners, a majority-owned woman-owned company, said:
“Our goal is to pave the way for cheaper, faster and more equitable access to finance for all segments of society. We look forward to announcing more investments in the ecosystem.
With over 100 million unbanked people in Pakistan, Creditfix offers both conventional and Sharia-based lending solutions and financial services for MSMEs. By adopting new technologies such as artificial intelligence (AI) to reduce the operating costs of loan disbursement, Creditfix uses its mobile application platform to underwrite and extend performing asset-backed loans ranging from 60 USD to 10,000 USD.
The CEO / Founder Owaiz Zaidi believes this will open up more foreign funding opportunities in the Pakistani startup ecosystem:
“Our investors share our vision of profitability with responsibility and are ready to show our Risk at Scale ™ framework in action in Pakistan and the East African market.”
The unsecured convertible loan facility also has a local investor on board. ACT Group and wealthy people.
Shehryar Hydri, Managing Partner at Deosai Ventures, is impressed with CreditFix’s technology:
“Creditfix is the only Fintech that combines a field-tested proprietary credit scoring model and technology platform with in-depth knowledge of the consumer lending space. Their team has a unique fit in the founders market. and we’re excited to help them evolve during a historic boom for this industry. ”