CreditFix’ wins Karandaaz Pakistan FinTech

‘CreditFix’ wins Karandaaz Pakistan FinTech Disrupt Challenge 2017
ISLAMABAD – May 23, 2017: Pakistan’s top agency for promotion of financial inclusion,
Karandaaz Pakistan announced ‘CreditFix’ the winner of its Fintech Disrupt Challenge 2017
after a close competition between extraordinary startups at the Institute of Business
Administration (IBA), Karachi. CreditFix, founded by Owais Zaidi will receive up to $100,000
in funding whereas the three runner-ups, ‘Invoice Wakalah’, ‘UniKrew’ and ‘Agrigate’ will
receive up to $20,000 each.
The Fintech Disrupt Challenge that aimed at hunting for extraordinary startup ideas worthy
of creating substantial social impact, solicited innovative responses to bottlenecks in
Pakistan’s financial services sector under the 2nd edition of the challenge.
This year, Karandaaz had invited startups in five thematic areas including Access to financial
services, payments, E-commerce, Interoperability and Early stage ideas related to M-Wallet
Use cases, Education of Financial Services through technology, Customer Engagement /
Experience, Micro Credit, and Digital Savings.
Funded by Bill & Melinda Gates Foundation and UKAid, the disrupt challenge offered two
different grants, up to $100, 000 for established startups and $20,000 for seed funding of
new startups respectively.
Speaking to the audience, CEO Karandaaz Pakistan, Ali Sarfraz Hussain said: “I extend my
heartiest felicitations to the winning teams of this years’ disrupt challenge and hope that
they will be able to break the glass ceilings and expand their startups way and beyond. I am
hopeful that all the participating startups will go long way in transforming Pakistan’s
financial service landscape to usher in greater inclusion and convenience for underserved
communities in the years to come. Pakistan’s startup ecosystem is still in its nascent phase
and needs support to take strong root to create a substantial social impact. Through the
financial support of UKAid and Bill and Melinda Gates Foundation, we are enabling the
startups to scale up and secure access to market to be able to capitalize on the immense
potential of Pakistani market.”
Director – Digital Financial Services, Rehan Ahmad Akhtar said: “This year Karandaaz targeted
specific thematic areas around which innovation and disruption is required in the market. For this
round of Fintech Disrupt Challenge, Karandaaz is not only be funding mature startups with established
ideas but also startups who require seed funding and are in the proof of concept phase because we
feel that it is important to facilitate a good idea and team which are at a nascent stage. In our effort
to act as a catalyst in Fintech Startup area, Karandaaz is working with all actors of the
industry including innovators, young entrepreneurs, existing players and regulators and in
this challenge fund we also tried to bring representatives from each actor to get a
constructive dialogue going among them.”

Badar Zubair

I am technology enthusiast. I've been working online since 2014. I love collecting information about new technologies and spreading them to other.

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