CreditBook raises $1.5 million in seed funding for a digital bookkeeping startup based in Karachi

CreditalBook has reported that seed funding from foreign and local investors has been increased to $1.5 million from Karachi's digital bookkeeping firm, CreditBook, which is seeking to ensure digital transaction monitoring.

Pakistan's BitRate Venture Capital, United Arab Emirates VentureSouq, Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures were key investors to date.

Founded by Hasib Malik, Iman Jamall, and Hisham Adamjee in June 2020, CreditBook is aimed at digitalizing and tracking microenterprises.

CreditBook is committed to using the funding to expand its customer base and diversify its product portfolio. As the startup showed, the registered customer base increased 5x to 500,000 in the last six months.

"We expected to use a mixture of digital and offline ads until the launch in June 2020. But we have turned to a strictly interactive approach of lockout limits. We have been shocked that thousands of people have gained a total of less than $1,000 in their spending on the site in the first month," Malik told Tech in Asia.

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