“Never has anyone been able to successfully digitise the MSMEs (Micro, Small and Medium Enterprises) because of a lack of user trust,” said Hasib Malik, co-founder at CreditBook. US-based fintech fund Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and Pakistan-based i2i Ventures also participated in the round. This affects their ability to invest and reinvest in the business because their cash flows are unpredictable,” says Hasib. This is essentially the value proposition of CreditBook: the entrepreneurs in Pakistan who predominantly use paper ledgers to note down their transactions, CreditBook converts their accounting to digital to make them more efficient. CreditBook vs all othersBut CreditBook is not the first one digitising bookkeeping.

Source: Pakistan Today May 04, 2021 18:33 UTC