Pakistani fintech startup, Creditfix has announced that it has joined a venture capital fund Insitor Partners Pte. Ltd. The Singapore-based influence investment company confirmed this as their first venture in Pakistan.
The landmark arrangement is the first-of-its-kind in Pakistan’s startup environment, registering the first-ever interchangeable loan funding from a foreign investor into a Pakistani firm to be approved by the State Bank of Pakistan (SBP).
Moreover, the unsecured convertible credit facility further has onboard local investors, ACT Group, and High Net Worth (HNW) individuals. The funding agreement was declared on June 16, 2021, in Karachi, in the attendance of representatives from Creditfix, Insitor Partners, Deosai Ventures, and ACT Group. Creditfix has further been supported by StratLink, a growing markets-focused monetary consulting firm.
Read more: Digital platform ‘Freightix’ raises $2.25 million in Pre Series A funding round
The CEO and Founder of Creditfix, Owais Zaidi, while highlighting the importance of the deal structure, which guarantees to open more international funding avenues in Pakistan’s startup ecosystem said, “We are happy to work with our investors that 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.”
In addition, Hammad Umer, the Pakistan Country Manager for Insitor Partners, a majority female-owned firm, stated that they believe CreditFix’s underwriting design can help change how credit is presented to micro and small business people and self-employed persons. Their goal is to create the way for more affordable, faster, and equitable passage to fund for all strata of society.
One of the most important areas when it comes to monetary formation in Pakistan is the gender gap, with Pakistan newly ranked 153/156 on the World Economic Forum’s (WEF) Global Gender Gap Report 2021. CreditFix is a Pakistan-based fintech firm founded in 2018. The organization tries to present monetary status and economic services to the unbanked division of the population.
Source: Pro Pakistani
