Kul Bhushan · · 1 min readTiger Global co-leads $11m round of Pakistani bookkeeping startup
Pakistan-based CreditBook, a fintech startup that provides digital bookkeeping services, has raised US$11 million in a pre-series A round led by Tiger Global and Firstminute Capital. The fundraise also saw participation from Better Tomorrow Ventures, VentureSouq, and other investors.
The company says that the round is the largest pre-series A funding round in Pakistan.
CreditBook team / Photo credit: CreditBook
The funding round also marks the first-ever investment from Tiger Global and Firstminute Capital in Pakistan’s startup ecosystem.
CreditBook aims to tap the rising adoption of digital financial services in the country, especially after the onset of the Covid-19 pandemic. It is looking to address a US$45 billion “unmet financing gap” for small businesses, the company said in a statement.
The startup’s mobile app is currently used in more than 400 towns and cities across the country. The platform has also seen a 10x growth in terms of transacting users compared to the previous year.
CreditBook was launched by Hasib Malik, Iman Jamall, and Hisham Adamjee in July last year.
The company will use the fresh funds to focus on value-added features for cash flow management and to strengthen its positioning among small business owners.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Other investors in this round include:
- Ratio Ventures
- i2i Ventures
Editing by Collin Furtado and Lorenzo Kyle Subido
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