The New York-headquartered firm Tiger Global has made its first investment in Pakistan in a fintech called CreditBook.
Entrepreneurs in Pakistan initiated a survey two years ago in the market to comprehend why financial services were inaccessible to most merchants in the country. Tiger Global has come forward to help address these challenges.
Several other investors were also on board, including Better Tomorrow Ventures, Firstminute Capital, Banana Capital, VentureSouq, Ratio Ventures and i2i Ventures, angel investors Sriram Krishnan and Julian Shapiro who participated in the $11 million pre-Series A round.
Iman and Hasib, also featured in Forbes 30 Under 30 Asia List – Social Impact, are the co-founders of CreditBook, an app that essentially assists small business owners in controlling their finances by tracing cash received and payments pending with electronic payment notices sent out to consumers.
Earlier, the husband-and-wife duo managed to get on board 250,000 users. By the end of May, they also managed to raise $175,000 in pre-seed funding from investors in Pakistan’s financial and retail sectors.
The best and the biggest in the world are now discovering the value of investing in Pakistan, said the Federal Minister for Planning, Development, Reforms and Special Initiatives, Asad Umar, on Twitter, “Pak start-up Creditbook gets Tiger global backing. Tiger Global has more unicorns (start up’s with billion $ plus valuation) than any other venture capital firm in the world. The best & the biggest in the world discovering the value and investing in Pakistan.”
Pak start up creditbook gets tiger global backing. Tiger global has more unicorns (start up's with billion $ plus valuation) than any other venture capital firm the world. The best & the biggest in the world discovering value and investing in Pakistan https://t.co/LRbwRkWV31
— Asad Umar (@Asad_Umar) December 17, 2021
The drawback, ledgers being managed on paper, has been identified by Creditbook. It is hurting small businesses and mom and pop stores by restricting their development when extensive e-commerce giants are coming forward in an attempt to court customers.
What Does the Creditbook App Offers?
The Creditbook offers a bookkeeping app that facilitates merchants to digitize the handwritten ledger to keep track of daily accounts. As per the startup, the apps promising feature has persuaded merchants in 400 towns and cities. Furthermore, CreditBook is working on building and testing financial products.
14 Pakistanis Make it to Forbes 30 Under 30 Asia List 2021. Read the full story here:
Forbes 30 Under 30 Asia List features people from the region to acknowledge their noteworthy contributions in the fields of Arts; Entertainment & Sports; Finance & Venture Capital; Media, Marketing & Advertising; Retail & E-Commerce; Enterprise Technology; Industry, Manufacturing & Energy; Healthcare & Science; Social Impact and Consumer Technology.
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