AdalFi, a Lahore, Pakistan-based digital lending infrastructure provider, raised $7M in funding.
Backers included Cotu Ventures, Chimera Ventures, Fatima Gobi Ventures, and Zayn Capital, as well as some Plaid execs.
The company intends to use the funds to ramp consumer and business loans across Pakistan.
Led by CEO Salman Akhtar, AdalFi leverages AI-powered credit scoring and underwriting models to power smart, instant loans for consumers and SMEs in Pakistan. These include unsecured loan products such as term loans, credit cards and revolving finance facilities for consumers and SMEs respectively. The AdalFi tech stack also includes pre-built, bespoke customer journeys and integrations with major banking platforms. AdalFi has already signed up 14 banks (including 7 out of the top 10).
The company operates on an asset-light, revenue sharing model with banks which captures any downside risk exposure to banks such that any loan losses are accounted for, pro-rata, in fees due to AdalFi.
FinSMEs
16/02/2023