The State Bank of Pakistan’s first licensed, private, digital credit bureau, operating with the brand name ‘TASDEEQ’ and the corporate name ‘Aequitas Information Services’ has announced the closure of its Rs. 500 million Series A financing.

The Pakistan Microfinance Network (PMN), the Pakistan Credit Rating Agency (PACRA), and 47 Ventures Investments participated in the round along with company sponsors and multiple individual investors. The Lahore-based credit bureau has already secured data-sharing contracts with all the commercial and microfinance banks and processes the data of over 15 million banked consumers through its machine learning-based analytics platform.

Aequitas is already furnishing between 20,000 and 30,000 credit information requests every day, and plans to use the funds to develop and introduce new and innovative consumer and business products into the market.