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Fintech NayaPay secures $13m because it rolls out digital funds revolution in Pakistan –

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NayaPay, a Pakistan-based fintech platform, has raised $13 million in one of many largest seed rounds in South Asia. Bringing collectively a various mixture of main world institutional and angel traders, the spherical was led by Zayn Capital, world fund supervisor MSA Novo and early-stage VC Graph Ventures from Silicon Valley.

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Singapore-based Saison Capital, Waleed Saigol’s Maple Leaf Capital and Warren Hogarth, CEO Empower Finance, additionally participated within the spherical, alongside a serious funding from the sponsors of the Lakson Group – a Pakistani conglomerate with pursuits in media, telecom, industrials, monetary providers in addition to controlling stake in Colgate-Palmolive Pakistan and McDonalds Pakistan.

NayaPay is the primary fintech of its variety in Pakistan having not too long ago secured the primary E-Cash Establishment license from the central financial institution, State Financial institution of Pakistan. It’s on a mission to make monetary providers less complicated and accessible to hundreds of thousands of Pakistani customers. NayaPay goals to be on the forefront within the digitisation of Pakistan with its two-sided platform for the underbanked.

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Pakistan presents a major market alternative for NayaPay, the place over 50 million adults are unbanked and solely 33% of ladies have a checking account. With 70% of the inhabitants beneath 35 years outdated, there’s a vital mobile-first technology. Virtually $4tn funds are made every year however only one% of those are made digitally at the moment. On the service provider aspect, nearly all of SMBs in Pakistan are unregistered, have historically dealt primarily in money and have very restricted entry to enterprise banking.

The fintech has launched its chat-led tremendous app focused primarily at college students and freelancers; and is constructing a SaaS primarily based platform known as NayaPay Arc providing common cost acceptance and monetary administration instruments for SMBs. NayaPay’s platform technique will harness the community results between customers and retailers, as seen in platforms, comparable to, Sq. Money/Sq., WeChat Pay, AliPay and Venmo of their native markets.

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