Tiger Global Management is a New York based financial organization founded in March 2011 and led by a 46 years old Chase Coleman III. It mainly focuses on the Public and Private firms, the World Wide Web, software, market, etc. According to some sources, their assets are approximately 95 billion USD along with a human resource of hundred employees. Their foreign offices are located in the global cities of Bangalore, Beijing, and Singapore, and for the very first time they were investing in Pakistan. Their function is to generate high-class finance in the long-term business schedule with the help of their unique global investment platform.
Some entrepreneurs in Pakistan started to examine the market and concluded that Pakistan need to work on their financial services and right after that Global Management officially announced to assist these issues. In Pakistan, there are more than 40 leading fintech companies working. As per the news, Tiger Global has invested in 361 agreements alone in the previous year. Tiger Global is one of the most popular leading lights in Fintech funding. VentureSouq, Ratio Ventures and i2i Ventures are also renowned investors of Fintech.
For Fintech growth, Pakistan has been gathering the development of a promising market. The news had been speculating that most probably the Fintech startups will take the conventional banking systems but for this, Fintech companies will have to build a strong trust over the years. As Fintech companies are more lenient and easier to handle but on the other side banks are somehow stricter, maybe that’s why people are reasoning that the Fintech company can have the guts to take over the banking system.
The planning and Development Minister once said that Tiger Global Management has more startups of billion dollars plus value and it is the world’s biggest investment in Pakistan. Pakistan Fintech Credit Book has raised 11 million dollars in funding so far. And with this huge funding, they are going to build up their team and upgrade the features of this leading digitized financial application service for small startups. Tiger Global operated in approximately 38 countries and all were stated Public last year.
Challenges faced by Fintech Credit Book Industry:
We are going to discuss few major challenges that the Fintech Credit Book Industry has faced and how they overcame them. In spite of the fact that Fintech is creating a technological uprising, and has major challenges ahead, Tiger Global Management partnered with Fintech CreditBook and invested in Pakistan. As credit book has already sworn that they became the foremost digital process of recording the company’s financial dealing and activities into categorised accounts on a daily basis among sole traders or micro- entrepreneurs in the country. In our territory, mostly small business owners prefer paper base financial transactions for their professional management and to keep their records of dealing. Fintech was invented to restore the conventional way of managing finance, trading and banking services. This digital bookkeeping formula is very helpful for small startups. Changing consumer behavior is also a challenge faced by the Fintech Industry. Building trust is one of the most challenging parts of a FinTech company among its consumers or people.
Iman Jamall a co-founder of Credit Book, was working as a financial designer in one of the biggest Pakistani banks. She raised a point that financial services had not been relevant to fulfilling the needs of small businesses but today there are so many technologies that are very helpful for small startups. She points out some challenges, which she identified that small businesses are more likely to rely in everything on paperwork and they are facing the issue of cash flow and the role of credit. This is the reason that this could prove to be one of the best business management tools to improve cash circulation and give small business owners a platform to grow their business through this Credit Book app.
Haseeb Malik the co-founder and CEO of the Fintech Pakistan Credit Book once quoted that this wonderful Fintech app is one stop solution for startups to maintain their financial challenges and manage the trade. This mobile application stockpiles traders in many cities but the very promising part is Fintech Pakistan Credit Book never disclosed its figure of business customers.