The State Bank of Pakistan’s first authorized, private, digital credit agency, engaging with the label name ‘Tasdeeq’ and the corporate title ‘Aequitas Information Services’ has successfully raised Rs. 500 million in Series A funding.
The Pakistan Microfinance Network (PMN), the Pakistan Credit Rating Agency (PACRA), and 47 Ventures Investments took part in the round along with company sponsors and several individual investors. The Lahore-based credit agency, Tasdeeq has already acquired data-sharing agreements with all the commercial and microfinance groups and processes the data of more than 15 million banked buyers through its machine learning-based analytics platform.
The Company Provides Credit Information Reports (CIRs) to Banks
Tasdeeq was the first B2B product inaugurated by Aequitas that gives credit information reports (CIRs) to banks to promote their credit decision-making process. Tasdeeq intends to obtain data from other sources like utility corporations and telecommunication operators (as permitted by its license) to grow its analytics.
Aequitas is currently equipping between 20,000 and 30,000 credit information calls every day and plans to utilize the raised funds to strengthen and launch new and innovative consumer and business products into the market.
Tasdeeq Intends to Launch Several New Consumer Products
The CEO of Aequitas, Mumtaz Syed stated, “Privatizing credit information processing and reporting services is an innovative measure by the SBP and opens the door for introducing transformative innovation into these services. With our cutting-edge analytics platform and feedback from the market, we plan on introducing several new products for consumers, banks, and SMEs in the coming months.”
Reliable Credit Information Processing Is Vital for Pakistan’s Growth
Furthermore, the founder of 47 Ventures Investments and a director on the board of Aequitas, Khurram Zafar said, “The digital lending space is about to explode in Pakistan and a reliable credit information processing and reporting service is a necessary catalyst to enable that growth. Aequitas is by far the most technologically advanced, thorough, and inclusive service led by a world-class management team and we are happy to fund the company’s growth to the next level”.
Source: Pro Pakistani