Tasdeeq has raised Rs 500 million in Series A funding.

ByFaisal Chughtai | Published date:
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(Image credit: tasdeeq.org)

'Tasdeeq,' a private, digital credit bureau, has secured Series A funding of Rs. 500 million. 'Tasdeeq' is Pakistan's first SBP licensed firm, also knows as 'Aequitas Information Services.' The Pakistan Microfinance Network (PMN), the Pakistan Credit Rating Agency (PACRA), 47 Ventures Investments, business sponsors, and numerous private investors were among those who participated in the round.

The Lahore-based credit bureau has already signed data-sharing agreements with all commercial and microfinance banks, and its machine learning-based analytics platform handles the data of over 15 million banking customers.

Tasdeeq was Aequitas's initial B2B offering, providing credit information reports (CIRs) to banks to help them make credit decisions. It intends to acquire data from additional sources, such as utility companies and telecommunications providers, to improve its analytics (as permitted by its license). Aequitas currently processes between 20,000 and 30,000 credit information inquiries each day and intends to utilize the money to create and sell new and innovative consumer and corporate solutions.

Mumtaz Syed, Aequitas' CEO, 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.

Khurram Zafar, the founder of 47 Ventures Investments and Aequitas board member, 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.

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