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4 top FinTechs in Pakistan to watch out for in 2021

By Leandra Monteiro

March 30, 2021

  • Bank Alfalah
  • Creditbook
  • Creditfix

FinTech, Pakistan, Bank Alfalah, CreditBook, CreditFix, Finja, digital wallet, online paymentsIn the wake of the unforeseeable pandemic circumstances, economies all around the world have moved towards the digital world for resolution. And Pakistan is no different. In Pakistan, the banking sector has been the first adopter of FinTech and is increasing its financial services rapidly. Effective utilization of FinTech has helped the Asian country save time, promote new products, services and compete in international markets.

While Pakistan is still working towards overcoming the post COVID-19 impacts on its health and living sector, technology has enabled millions to endure the long-lasting effects of the pandemic. The country’s local banks have been able to provide judicious aid to the disadvantaged masses of the country through the “Ehsaas” programme while using digital platforms and means.

The country was also witness to the ascending usage of online banking and digital payments supporting the locked down businesses that took off with the online orders on channels like Facebook, Amazon, Daraz, FoodPanda etc. with banks being the financial arm for the digital payments.

With almost 73% of Pakistan’s population having accessibility to cellular usage, making the country a fertile ground for FinTech growth. The following companies are some of the country’s FinTech start-ups to keep a close eye on:

Bank Alfalah: Karachi- based Bank Alfalah, Alfalah Internet Banking offers its customer the convenience of banking from anywhere, anytime. It offers a range of financial services and payment facilities like utility bill payments, mobile topup, donations, online shopping, or gift vouchers.

In addition, Alfalah’s Online Payment Gateway, powered by MasterCard Payment Gateway Services (MPGS) has proved itself as a beneficial and reliable payment method. It allows customers to enable card payments on their websites and apps.

CreditBook: For a long time SMBs have found it difficult to adopt technology on a large scale. Pakistan’s Creditbook focuses on finances, payments, and receivables for those same SMBs.

Today, a huge number of businesses in Pakistan still settle their finances and receivables on paper, which is slower, prone to error, is not transparent and makes payment collection difficult. Creditbook is a replacement for all of this paperwork. The start-up claims to have already recorded millions of transactions.

CreditFix: Launched in 2016 CreditFix is a digital financial services platform that provides solutions for individuals, financial institutions and enterprises. CreditFix was part of the Bill and Melinda Gates Foundation backed accelerator DFS Lab.

CreditFix has a mobile app that provides online asset based micro loans at fair price using AI driven Digital Lending Platform. The company uses alternative data to assess and provide loan to Pakistan’s underbanked. At present, CreditFix is also enabling financial institutions and banks to lend digitally while saving more than 70% of customer acquisition and credit processing cost.

Finja: Finja provides payments solutions and operates with the mission to free digital transactions. The Lahore- based company founded in 2015 offers digital banking projects in Pakistan and other emerging markets.

Furthermore, the company engages in digital transformation providing methods for rolling out payment types, systems, platforms, and building related ecosystems, business process management and more. Finja’s products include the Finja Wallet, a digital wallet, Finja Retail, a CRM solution, and Payrollplus, a cloud-based payroll solution.


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