On Tuesday, CreditBook, a Pakistani fin-tech startup that helps micro-entrepreneurs digitize and keep records of their transactions, has raised $1.5 million in seed funding in a round that included both international and local investors.
The startup, which was launched in June 2020, has over 500,000 users and grew over 450 per cent in the last six months, according to the statement. The funding would help it scale its users and product offerings by digitising more small businesses, it said.
The seed round included Pakistan’s BitRate VC and UAE-based VentureSouq with added participation from US-based fintech fund Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures, the startup said in its statement.
Besides this, CreditBook is also backed by investors and leading founders from BukuWarung, Musha Ventures and Rappi, it added.
The app helps micro, small and medium enterprises (MSMEs) with their bookkeeping and cash flow management. “By giving businesses visibility over their cash flow cycles, MSMEs will be able to increase their incomes,” the statement said, adding that the app would also empower them with data to help in their decision-making.
CreditBook also sends reminders on WhatsApp and SMS which makes payment recollection three times faster, according to the statement.
“The app focuses on simplicity and inclusivity and is available in six local languages — the most comprehensive in the space.”