Karachi-based fintech CreditBook, which specializes in digitizing bookkeeping for small businesses, has raised$11 million in the latest round of funding, according to a statement issued by the company on Friday.
The $11 million funding will allow the Fintech startup to “strengthen its team, focus on value-added features for cash flow management and position itself as a leading financial service provider for small business owners”.
The key investors
Some well-known venture capital firms, including the likes of Tiger Global and firstminute Capital, led the funding round. This is Tiger Global and firstminute Capital’s first-ever investment in Pakistan. Other investors that participated in the funding round included i2i Ventures, Ratio Ventures andVentureSouq.
Angel investors that supported the funding included Julian Shapiro, Sriram Krishnan, Turner Novak, and operators from firms such as Lazada, AirBnB, Microsoft, Robinhood and, the startup said.
Earlier in May 2021, the company had raised $1.5 million in seed funding. Iman Jamall and Hasib Malik, were also named in the Forbes Asia 30 under 30 List for 2021 in the Social Impact category.
About CreditBook
Founded in 20202 by a husband and wife team Hasib Malik and Iman Jamall, and Hisham Adamjee, CreditBookis a leading digital bookkeeping solution, helping small businesses digitize and keep records of their transactions.
The startup operates through an app that is being used in over 400 towns and cities of Pakistan. Available in six local languages, CreditBookallows small businesses that sell on credit to log all their credit transactions into the app and then send free SMS or WhatsApp reminders to their customers to request payments,
The company is addressing a $45 billion unmet financing gap for small businesses, according to the statement.
“The company continues to expand on its existing offerings that include cash flow management, reporting and repayment reminders and is gearing up to enable entrepreneurs further with the provision of financial services,” the statement added.