Pavlodar startup raises $500,000 to launch service in New York

KuickTech, a Kazakh company and participant in the AstanaHub tech park, has secured $500,000 in private investments to launch the fintech startup Avoloan, which focuses on loan refinancing. The founders, programmers from Pavlodar, plan to help Americans pay off credit card debt using their debt refinancing service.

The number of credit card users in the US has reached 167,200,000, with average annual interest rates ranging from 22% to 26%, creating a significant financial burden. The Avoloan service will help borrowers pay off debts, reduce debt load and monthly payments by consolidating and refinancing outstanding balances under more favorable terms. The launch of the mobile application is scheduled for September 2024.

The founders of KuickTech also actively support the development of young technological innovators in Kazakhstan. Last year, they organized two student hackathons with a total prize fund of 4,000,000 tenge.