Press Release
VIS Reaffirms Entity Ratings of Trukkr Financial Services Limited
Karachi, November 12, 2025: VIS Credit Rating Company Limited (‘VIS’) reaffirms the entity ratings of Trukkr Financial Services Limited ('TFSL’ or 'the Company’) at 'A-/A2' (‘Single A minus/A Two’). Medium to long term rating of 'A-' indicates good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short-term rating of 'A2' indicates good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’. The previous rating action was announced on August 12, 2024.
The ratings reflect TFSL’s emerging presence in Pakistan’s trucking finance market, supported by sound sponsors and experienced management team together with, technology-driven risk management framework. Incorporated in January 2023 as a subsidiary of Velocity Financial Technologies Inc., Delaware (formerly Finlo Technologies Inc.), TFSL leverages the Trukkr logistics platform—established in 2019—to underwrite credit using real-time operational and financial data of transporters. This integration of logistics intelligence with fintech-based credit assessment provides the Company with a differentiated competitive advantage and visibility into borrower performance.
TFSL’s portfolio remains concentrated in vehicle leasing and working capital finance, reflecting a prudent pivot toward secured, lower-risk lending. Rapid disbursement growth has driven topline expansion, though profitability remains modest amid elevated funding costs, provisioning, and limited operating history. Liquidity indicators have moderated with reliance on short-term bank lines, heightening rollover risk. Management’s plan to reduce leverage through fresh equity injection is critical to maintaining balance-sheet resilience.
Given TFSL’s early-stage operations and exposure to Pakistan’s fragmented and high-risk trucking sector, ratings remain sensitive to achievement of projected scale, sustenance of asset quality and improvement in capitalization and liquidity buffers.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
VIS Entity Rating Criteria: Non-Bank Financial Companies
https://docs.vis.com.pk/Methodologies%202024/NBFCs202003.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf