Pakistan’s CredtBook raises $11M Pre-Series A
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The Pakistan-based FinTech and digital ledger CredtiBook has successfully raised $11M in its latest funding round. Led by Tiger Global, making their debut investment in Pakistan, the Pre-Series A recorded participation from Better Tomorrow Ventures, Firstminute Capital, Banana Capital, VentureSouq, Ratio Ventures, and i2i Ventures, as well as angel investors Sriram Krishnan and Julian Shapiro.
CreditBook Launched in June 2020, founded by Hasib Malik, Iman Jamall, and Hisham Adamjee. While Pakistan has experienced rapid digital growth, registering 100 million internet connections in January 2021, a large number of the population still remains offline. CreditBook is solving this problem, helping Micro, Small, and Medium Enterprises (MSMEs) with their bookkeeping and management of their cash flow. The CreditBook app saw thousands of downloads in their first month of operations, and despite the challenge of the pandemic, have scaled to over 500,000 users over the last six months.
The FinTech space in Pakistan and across all Emerging Venture Markets have witnessed an exception investor focus and startup proficiency over 2021. Positioned as the third-most funded industry in Pakistan, FinTech startups closed the highest amount of deals throughout the year as most recently recorded in our November Venture Investment Dashboard. The FinTech space in Pakistan made exceptional strides this year with funding in the sector growing by more than 2,000% YoY. Of the major rounds backing FinTech in 2021 YTD, a particular focus on financing and payment solutions for commercial and SME sectors, with major rounds closed by payment management platform TAG, payment & lending digital platform Finja, and financing solutions provider PostEx.
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CreditBook today offers a bookkeeping app to merchants, enabling them to digitize the handwritten ledger that they have traditionally used to keep track of daily accounts. The app has aggregated merchants in more than 400 local regions as CreditBook stated, with the number of transacting users growing by 10 times since last year. CreditBook estimates that there’s a $45 billion unmet financing gap for small businesses. CEO/Co-founder projects the startup’s vision in light of this platform-boosting investment in an interview with Techcrunch “In Pakistan, there is huge whitespace in payments. But mobile money has started to gain traction, especially amid the pandemic.”
While Pakistan remains home to more than 220 million people, 60% of whom are under the age of 30, CreditBook is banking on recent government facilitation, and its own pipeline of add-on features to continuously digitize the payment process for SME’s. CreditBook will utilize its newly acquired funds to roll out new features on the app and further support its tech development. Partner at Tiger Global John Curius concluded with high hopes for this investment “We are excited to partner with CreditBook and make Tiger Global’s first investment into Pakistan. The investment is a testament to the incredible traction and vision demonstrated by the team.
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