Pakistan-based financial technology firm SadaPay places the first Pakistan-based seed financing round on a startup, latest reports say the fintech has raised $7.2 million in a seed round of funding from New York-based New Capital. Kingsway Money, and other financial technology startups also participated in this round.
With registrations of SadaPay exceeding 200, this new funding will enable the Islamabad-based fintech to further increase its operations. The startup aims to reduce the amount of bureaucratic nonsense and in banking by using new technology and customer friendlier services.
SadaPay was created in 2019 by Brandon Timinsky to serve the third largest unbanked population in the world. Timinsky believes that in Pakistan, as in most of the world, smartphone use is on the rise and the middle class is burgeoning, which makes it a good environment for emerging financial technology startups.
Based on a new fintech approach, a digital wallet and numberless debit card was already tried out by the State Bank of Pakistan in January 2018. While it was only permitted to have 1,000 customers during the pilot, SadaPay hopes to start public use after getting a full Electronic Money licence from SBP. As of yet, the company has not released a timetable for this.
By getting rid of conventional banking fees, the company is able to make its financial services open to consumers. SadaPayment users will have only two minutes to create a virtual account to start using the SadaPay virtual Mastercard.
Furthermore, SadaPay is linked to NADRA’s database, which enables it to search an identity instantly.