MyTM – A Homegrown Fintech of Pakistan raised $6.9 Million in Funding in its Seed Round.
MyTM, the first-ever company from Pakistan to win at GITEX 2021 held in Dubai, in the ‘Best Creative Economy’ category, announced today that it has secured $6.9 million in their seed round. Investors participated from Saudi Arabia, Canada, Mauritius, the UK, and Pakistan.
Notable investors included My Petroleum (My Group), 100-Ventures, Loyal VC, United-Seven Hills Venture, and PEX International.
Back in 2019, MyTM has also raised 30 million Japanese Yen in its pre-seed round from a Tokyo stock listed company named Rentracks Japan. This makes the total funding raised by MyTM to date $7.2 million.
Promoting the Prime minister’s Vision of Digital Pakistan, This Investment will enable MyTM to acquire an NBFC, hire new talent, and create a network of Cash-rich agents in the country. Additionally, MyTM will be enabling digital payments providing commerce, financial, and banking services at 6000 locations by Q4 2022.
MyTM’s banking partner and settlement bank are NRSP Microfinance Bank.
To secure this round, local Incubation centers including Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan have been the key drivers to help MyTM strategize their business plan, Go to market strategy, and validation internationally. Pakistan is home to the fifth largest and third-largest youngest population in the World while having only one bank branch and one ATM for every 15000 individuals.