Pakistani Fintech Creditfix Secures Seed Funding in a Round Led by Insitor Partners to Provide Loans to the Unbanked
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.
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Pictured: Creditfix Team © Creditfix
Hamma Umer, the Pakistan Country Manager for Insitor Partners, a majority female-owned firm, stated:
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:
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: