KARACHI, Pakistan--(BUSINESS WIRE)--The Pakistani fintech startup Creditfix has announced that they have 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 financing from an international investor into a Pakistani company to be approved by the State Bank of Pakistan (SBP), and is Insitors Partners inaugural investment into Pakistan.
Hammad Umer, the Pakistan Country Manager for Insitor Partners, a majority female-owned firm, stated:
“Our goal is to pave the way for cheaper, faster and equitable access to finance for all strata of society. We are looking forward to announcing more investments into the ecosystem.”
With over 100 million people in Pakistan unbanked, Creditfix offers conventional and Shariah-based lending solutions and financial services for MSMEs. By adopting new technology such as Artificial Intelligence (AI) to reduce the operating cost of disbursing loans, Creditfix utilizes its mobile application platform to underwrite and extend asset-backed, productive loans starting from USD 60 to USD 10,000.
The CEO/Founder Owaiz Zaidi feels this will open more foreign funding avenues in Pakistan’s startup ecosystem:
“Our investors share our vision of profitability with responsibility and are geared up to show our Risk at Scale ™ framework in action in Pakistan and East African market.”
The unsecured convertible loan facility also has on board local investor ACT Group and High Net Worth Individuals.
Shehryar Hydri, Managing Partner at Deosai Ventures, is impressed by CreditFix’ technology:
"Creditfix is the only Fintech that combines a field-tested proprietary credit scoring model and technology platform with deep knowledge of the consumer lending space. Their team has a unique founder market fit and we're excited to help them scale during a historic boom for this sector."