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US-based Tiger Global invests for 1st time in Pakistan

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New Delhi, Dec 17 (IANS) US-based investment firm Tiger Global has made its first investment in Pakistan — in fintech startup CreditBook which has raised $11 million in its pre-Series A round, the media reported on Friday.

Started in 2020 by entrepreneurs Hasib Malik, Iman Jamall (one of the few female co-founders in the country) and Hisham Adamjee, CreditBook helps micro-entrepreneurs digitise and keep records of their transactions.

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Other investors in the fresh round included Better Tomorrow Ventures, Firstminute Capital, Banana Capital, VentureSouq, Ratio Ventures and i2i Ventures, as well as individual investors Sriram Krishnan and Julian Shapiro, reports TechCrunch.

CreditBook aims to improve the financial outcomes of small and medium businesses across Pakistan.

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Starting with a simple digital ledger, the company has been building secure software for millions of businesses to manage their credit, sales and expense cycles.

CreditBook in May this year raised $1.5 million in seed funding in a round that included both international and local investors.

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The app helps micro, small and medium enterprises (MSMEs) with their bookkeeping and cash flow management. CreditBook also sends reminders on WhatsApp and SMS which makes payment recollection three times faster.

Two of the company’s founders — Jamall and Malik — were recently named in the Forbes Asia 30 under 30 List in the Social Impact category.

Jamall had said that the startup would ensure that growth was meaningful by “spending time with our users”.

“We’re also excited to have a strong group of investors who understand and support our approach,” she added.

–IANS

na/ksk/

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