Kazakhstan’s KuickTech Secures $500,000 to Launch Fintech Service in New York

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KuickTech, a fintech startup from Kazakhstan, has raised $500,000 in private investment to bring its innovative loan refinancing service, Avoloan, to the U.S. market. The company, based in Pavlodar city and nurtured within Astana Hub international technology park, is set to launch its service in New York, aiming to help Americans manage their credit card debt more effectively.

“Credit card debt in the US is a major issue. On average, Americans have about four credit cards with interest rates around 30%. Our solution offers a convenient and effective way to address these financial challenges” said Maxim Pisegov, co-founder at Avoloan.

With an estimated 167.2 million credit card users in the U.S. and average interest rates ranging from 22% to 26% annually, the financial pressure on consumers is substantial. Avoloan’s service will allow borrowers to consolidate and refinance their debt under more favorable terms, aiming to reduce their overall debt burden and monthly payments. The mobile application is scheduled for release in September 2024.

Beyond their business pursuits, KuickTech’s founders are also committed to fostering technological innovation in Kazakhstan. Last year, they organized two student hackathons, offering a total prize pool of 4 million tenge to encourage young tech talent.

About Astana Hub

Astana Hub is Central Asia’s largest technology park, dedicated to fostering a vibrant ecosystem for tech businesses. The hub supports over 1,500 companies, including nearly 400 international startups, by providing resources for business development, scaling, and innovation. Participants benefit from special tax incentives, visa support, and access to a wide range of educational and infrastructural resources.