Pakistani fintech providing digital bookkeeping solutions raises $11 million

In this photo, a woman is seen shopping through a point of sale application. (Photo courtesy: Social media)
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Updated 17 December 2021
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Pakistani fintech providing digital bookkeeping solutions raises $11 million

  • CreditBook was founded in June 2020 to help small business owners who relied on paper-based management of commercial activities
  • The firm has attracted funding from two international companies which have not invested in Pakistan’s startup environment in the past

KARACHI: A Pakistani fintech firm announced on Friday it raised $11 million during in a recent funding round led by two international companies which have not invested in the country’s startup environment in the past.

The country’s startup companies have captured the attention of global venture capitalists in recent months, attracting over $300 million during the course of this year.

Experts believe Pakistan is likely to witness the emergence of its first “unicorn,” a startup company valued at $1 billion or more, amid rising global interest in local firms providing IT-enabled solutions.

CreditBook, which benefitted from the recent funding round, was launched in June 2020 to provide digital bookkeeping solutions to small business owners who previously relied on paper-based management of their commercial activities.

According to a statement circulated by the firm, its digital app is used in over 400 towns and cities, witnessing a massive increase in transacting users on the platform over the last year.

It has also been expanding its existing offerings that include cash flow management along with reporting and repayment reminders.

“Financial products and services have been designed in a way that overlooks the needs of small and medium sized businesses, but now technological and demographic trends are reinforcing each other in a positive manner,” said Iman Jamall, cofounder of CreditBook. “That’s what makes CreditBook’s timing so relevant.”

“For many, this is their first business management tool,” she added. “Once they see an improvement in their cash flows, they come back to us with a sense of confidence, often searching for new ways to grow their business through the app. The connection between finance and welfare doesn’t seem out of reach anymore.”

CreditBook generated $11 million in a round that was led by Tiger Global and FirstMinute Capital.

Its previous investors included Better Tomorrow Ventures, who led the earlier round, VentureSouq, Ratio Ventures and i2i Ventures who also took part in the current round.

Angel investors who participated in the new and oversubscribed round included Julian Shapiro, Turner Novak, Sriram Krishnan, and operators from companies such as AirBnB, Microsoft, Robinhood and Lazada.

“We are excited to partner with CreditBook and make Tiger Global’s first investment in Pakistan,” the fintech’s statement quoted John Curtis of Tiger Global as saying. “The investment is a testament to the incredible traction and vision demonstrated by the team.”

Sam Endacott of FirstMinute Capital expressed similar sentiment, saying his company was "incredibly pleased" to support a Pakistani startup.

“We have been studying the country and understand it is at an inflection point seen before in other emerging markets,” he said. “This coupled with the quality of the team … means CreditBook has the chance to build a category leader in Pakistan fintech.”

CreditBook’s chief executive officer Hasib Malik said his firm was trying to build “a one-stop solution for entrepreneurs to improve their financial outcomes in multiple areas of life.”

“This vision can only be achieved if we build it alongside some of the brightest people around the world,” he added. “As a remote first organization, we’ve already been successful in attracting good talent and will continue to focus on creating a culture for people to thrive.”

The CreditBook team has also built regulated financial services business and products in the past.

Its cofounder, Iman Jamall, is among a handful of female entrepreneurs who have chosen this startup niche.


Pakistan joins regional talks on Afghanistan in Iran as Kabul stays away

Updated 15 December 2025
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Pakistan joins regional talks on Afghanistan in Iran as Kabul stays away

  • China, Pakistan, Pakistan, Tajikistan, Uzbekistan, Turkmenistan all joined talks organized by Iran, as did Russia
  • Afghanistan was invited but decided not to attend, Taliban-led government was tight-lipped on the reasons

TEHRAN, Iran: Afghanistan’s neighbors met in Iran and agreed to deepen regional coordination to address political, economic and security challenges, as well as calling for sanctions on Afghanistan to be lifted. 

The only absent party? Afghanistan itself.

China, Pakistan, Pakistan, Tajikistan, Uzbekistan and Turkmenistan all joined the talks organized by Iran, as did Russia, according to a statement released after the meeting on Sunday.

Afghanistan was invited but decided not to attend. Its Taliban-led government was tight-lipped on the reasons, with the foreign ministry saying only that it would not participate because Afghanistan “currently maintains active engagement with regional countries through existing regional organizations and formats, and has made good progress in this regard.”

The statement from the talks in Iran stressed the importance of maintaining economic and trade ties with Afghanistan to improve living conditions and called for the country’s integration into regional political and economic processes.

The Taliban were isolated after they retook power in Afghanistan in August 2021, but in the past year, they have developed diplomatic ties. They now raise several billion dollars every year in tax revenues to keep the lights on.

However, Afghanistan is still struggling economically. Millions rely on aid for survival, and the struggling economy has been further impacted by the international community not recognizing the Taliban government’s seizure of power in the wake of the chaotic withdrawal of US-led troops in 2021. Natural disasters and the flow of Afghans fleeing Pakistan under pressure to return home have underlined Afghanistan’s reliance on foreign aid to meet essential needs.

The countries at the talks also voiced security concerns and pledged cooperation in combating terrorism, drug trafficking and human smuggling, while opposing any foreign military presence in Afghanistan. They underscored the responsibility of the international community to lift sanctions and release Afghanistan’s frozen assets, and urged international organizations to support the dignified return of Afghan refugees from neighboring countries.

The participants backed efforts to reduce tensions between Afghanistan and Pakistan, which have been particularly strained, with border clashes between the two sides killing dozens of civilians, soldiers and suspected militants and wounding hundreds more.

The violence followed explosions in Kabul on Oct. 9 that Afghan authorities blamed on Pakistan. A Qatar-mediated ceasefire has largely held since October, although there have been limited border clashes. The two sides failed to reach an overall agreement in November despite three rounds of peace talks.

Asif Durrani, Pakistan’s former special representative for Afghanistan, said the Taliban government’s decision to skip the meeting reflected a “lack of political maturity.” 

Writing on X, Durrani said the move reinforced concerns that the Taliban were unwilling to negotiate, instead adopting an “I don’t accept” stance that he said would do little to resolve serious regional problems.

Mohammad Sadiq, the current Pakistani special representative for Afghanistan who attended the talks, wrote on X that the Afghan people had already suffered enough and deserved better.

Only an Afghanistan that does not harbor militants would inspire confidence among neighboring and regional countries to engage meaningfully with Kabul and help unlock the country’s economic and connectivity potential, he wrote.

Participants agreed to hold the next meeting of foreign ministers of Afghanistan’s neighboring countries as soon as possible in Ashgabat, Turkmenistan, and welcomed Pakistan’s offer to host the next round of special envoys’ talks in Islamabad in March.

Iran’s foreign ministry spokesman, Esmail Baghaei, on Sunday said that the meeting had not been held for about two years and marked the first such gathering attended by special envoys on Afghanistan from neighboring countries as well as Russia. Russia and Uzbekistan sent the special envoys of their presidents, while Pakistan was represented by a delegate from the prime minister’s office.

Landlocked Afghanistan is sandwiched between the Middle East, Central Asia, and South Asia, making it strategically located for energy-rich and energy-hungry nations.