Pakistani Fintech Startup Secures $1.5 Million in Seed Funding

The Karachi-based fintech startup CreditBook has secured $1.5 million in seed-round funding, led by Pakistan’s BitRate VC and the Dubai-based VentureSouq.

Other investment arms included Better Tomorrow Ventures, Ration Ventures, Toy Ventures, Quiet Capital, i2i Ventures, Indonesia’s BukuWarung, and Columbia’s Rappi, reported Menabytes.

The investment is being hailed as one of Pakistan’s largest seed-round secured by local startups.


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With this massive level of investment expected to make waves across Pakistan’s Fintech landscape, CreditBook plans to use these funds to digitize small businesses across the country.

Available in six local languages, CreditBook allows small businesses to sell their products on credit, meaning that users can credit transactions into the app and then send free SMS or WhatsApp reminder from businesses to customers to request payments. Due to this, the founders of CreditBook believe that “the payment recollection is as much as three times faster”.

The CreditBook app has registered over half a million downloads on Google Play Store, showcasing a growth of 450 percent in brand outreach over the last six months. However, despite this overwhelming turnover of userbase statistics, CreditBook does not make any money; at least not at the moment because it is free.

In this regard, the startup’s co-founder, Iman Jamil, said,

There are many paths to monetization in this space when one thinks of the current contribution of MSMEs to Pakistan’s GDP and the opportunity to optimize a series of unaddressed workflows. We see multiple opportunities for collaboration between incumbents and startups around these workflows but it’s still early days for this space. At CreditBook, we are learning every day from our users while observing macroeconomic trends closely. We will need to experiment and validate some of these emerging trends over the coming months.

With a formidable investment roster holding the fort at the moment, CreditBook is expected to demonstrate “their ability as market leaders with their understanding of their customers while bootstrapping the company, which has made their growth all the more impressive”.


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Currently available for free, CreditBook is poised to break barriers that restrict financial literacy with the help of easy-to-manage buy-now/pay-later methods. It will take some time for the startup to monetize its services, but in the meantime, CreditBook is on the lookout for fresh talent to ramp up its 15-member team.