Dubai’s VentureSouq invests in Karachi-based CreditBook’s $1.5 million seed round

SectorFinancial Markets

Source: Tech in Asia

Pakistan has one of the world’s fastest-growing middle class populations and has seen a 720% increase in 4G users over the last five years. In January 2021, 100 million internet connections were registered in the country amid the Covid-19 pandemic. However, a large number of the population still remains offline, and microentrepreneurs still use pen and paper to keep track of their transactions.

Digital bookkeeping startup CreditBook is trying to make sure that those people weren’t left behind in this digitalization trend.

The Karachi-based company announced today that it has raised US$1.5 million seed funding from international and local investors.

Investors included Pakistan’s BitRate Venture Capital, VentureSouq from the United Arab Emirates, US-based Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures. Chinmay Chauhan and Abhinay Peddisetty – founders of Indonesian digital bookkeeper BukuWarung – as well as Musha Ventures and Colombian delivery app Rappi also participated in this round.

Founded in June 2020 by more...