Kazakhstani IT company KuickTech, founded by software developers from Pavlodar Paul Kukitz and Maxim Pisegov, has raised $500,000 in private venture funding at a pre-money valuation of $5 million to expand its consumer financial platform Avoloan in the United States. The company is a prominent resident of the Astana Hub international technology park.
Tackling the $1.1 Trillion US Credit Card Debt Trap
In the United States, tens of millions of consumers carry revolving credit card balances featuring variable annual percentage rates (APR) surging between 25% and 30%. Making standard minimum payments often traps borrowers in endless cycles where payments cover interest fees without amortizing loan principal.
The Avoloan platform delivers an automated algorithmic debt restructuring pipeline:
- Consolidates fragmented revolving debts across multiple consumer credit cards into a single, predictable structured installment loan;
- Partners directly with regulated regional US financial institutions to deliver substantially reduced, fixed interest rates;
- Enables borrowers to sharply decrease their monthly obligations and save thousands of dollars over the lifetime of their balances.
Initial Rollout in Florida and Banking Alliances
The pilot launch and initial debt refinancing disbursements commenced across the state of Florida. The newly secured investment is deployed toward customer acquisition marketing across key US metropolitan hubs, platform architecture scaling, and onboarding additional chartered banking partners.
