- First major corporate financing announcement in Pakistan.
- Pakistani startups were only able to raise $315m in 2022 says report.
- Banks signed up because of rigorous credit scoring to ensure quality, says CEO.
KARACHI: Pakistani digital lending platform AdalFi said on Thursday it has raised $7.5 million in funding, the first major corporate financing announcement in the South Asian country this year as it grapples with a deepening economic crisis.
The funding round was led by UAE-based COTU Ventures and Chimera Ventures, Pakistan-based Fatima Gobi Ventures and Zayn Capital, and “angel” investors including executives from US-based financial technology and services provider Plaid, AdalFi said in a statement.
As the country’s financial woes have deepened, Magnitt’s Emerging Venture Markets Report estimated Pakistani startups were only able to raise $315 million in 2022, down 5% decline from the record high of $333 million in 2021.
AdalFi’s proprietary technology scores the financial transactional data already…