Ahmed Mukhtar Naqshbandi
ISLAMABAD: AdalFi, a digital lending platform in Pakistan, said Thursday it has raised 7.5 million dollars in funding, the first major corporate financing announcement in the country this year as it grapples with a deepening financial crisis.
The company said in a statement that the funding round was led by Pakistan-based Fatima Gobi Ventures, Zayn Capital, UAE-based COTU Ventures and Chimera Ventures, and “angel” investors, including executives from Plaid, a US-based financial technology and services provider.
As the country’s economic crisis has deepened, Magnitt’s Emerging Venture Markets Report estimated that Pakistani startups could only raise 315 million dollars in 2022, down 5 percent from the record high 333 million dollars in 2021.
Lending platform way of work
AdalFi’s proprietary technology scores the economic transactional data already possessed by banks. The B2B2C fintech enables personalized digital marketing to qualified prospects and provides real-time loans.
Only 30 percent of adults in the country have access to mobile wallets and formal banking services and , making Pakistan largely unbanked, according to a survey by the non-profit Karandaaz.
