(Bloomberg) -- Pakistani fintech startup AdalFi raised a $7.5 million funding round in a sign of life for the South Asian country’s venture-capital market that dried up along with a global decline in tech stocks.
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The round was led by Cotu Ventures, Chimera Ventures, Fatima Gobi Ventures and Zayn Capital, AdalFi said on Thursday in a statement. Angel investors also participated.
AdalFi’s technology helps consumers and smaller businesses obtain loans in a country where few customers have credit scores. Launched in July 2021, the company has signed up 14 banks to use its services.
The funding round shows some venture investors still have appetite for riskier markets even after a rout in tech valuations left a slew of startups in Pakistan and neighboring India in trouble. Global venture funding in the fourth quarter of 2022 fell to the lowest level in more than two years, according to CB Insights.
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