Pakistan’s banks face a chicken-and-egg problem when it comes to lending money to their customers. They lack the data on customers’ credit histories that they need in order to decide whether to lend; but until they start lending, they won’t amass any of that data. Enter AdalFi, a Lahore-based fintech, which has developed a technology-driven solution to help break the logjam.
AdalFi, which is today announcing a $7.5 million funding round, is the brainchild of founder and CEO Salman Akhtar. Akhtar, who spent years getting to know Pakistan’s banks inside out when running an IT services company specialising in the financial services sector, is on a mission to open