AdalFi, the Pakistani fintech backed by COTU Ventures and Chimera Ventures, plans to raise up to PKR652 million ($2.35 million) through an IPO next month to expand its Islamic lending and small-business services.
The Lahore-based company will issue new shares, according to a company statement. AdalFi says it would become the first fintech listed on the Pakistan Stock Exchange. The announcement didn’t disclose a valuation, offer price or the proportion of the business to be sold.
The planned listing follows a $7.5 million seed round announced in February 2023, backed by the two UAE investors alongside Fatima Gobi Ventures, Zayn Capital and angels including Plaid executives. No sale by existing shareholders has been announced.
Founded in 2021, AdalFi helps banks assess borrowers using their account transactions and automate loan approvals and disbursements. Banks supply the capital and retain the loans on their books, while AdalFi earns a share of the income and bears part of the credit risk.
The company says more than PKR110 billion has been lent through its platform across nine banks, including six of Pakistan’s ten largest. It has served more than 130,000 borrowers, over half accessing formal credit for the first time, with daily lending now exceeding PKR200 million.
AdalFi reports a default rate of about 0.2%, which its website describes by reference to loans more than 90 days past due. The lending figures measure credit facilitated through partner institutions, rather than AdalFi’s revenue.
In a May 2025 interview with FWDstart, co-founder and chief executive Salman Akhtar explained how the revenue-sharing model helped win bank customers. With no upfront implementation or licence fees, banks could introduce digital lending without committing to a conventional software purchase, while AdalFi’s exposure to losses aligned its incentives with theirs.
The company is also exploring opportunities beyond Pakistan. In September, it signed an agreement with Saudi Finance Company to test cash-flow credit scoring using transaction data accessed through regulated open-banking channels. The proposed pilot would assess applicants with limited credit histories, with lending decisions remaining with the Saudi finance provider.
Disclosure: AdalFi previously participated in FWDstart’s partner programme.
