Finance Breaking news Pakistani fintech startup SadaPay raises $7.2 million last financial news

Breaking-Finance.Com - Pakistani fintech startup and aspiring neo bank SadaPay has raised $7.2 million as it awaits regulatory approval for a live roll out.

Finance Breaking news Pakistani fintech startup SadaPay raises $7.2 million last financial news

Breaking-Finance.Com - Pakistani fintech startup and aspiring neo bank SadaPay has raised $7.2 million as it awaits regulatory approval for a live roll out.

Finance Breaking news Pakistani fintech startup SadaPay raises $7.2 million last financial news
31 March 2021 - 09:45

Breaking-Finance.Com - Pakistani fintech startup and aspiring neo bank SadaPay has raised $7.2 million as it awaits regulatory approval for a live roll out. Recharge Capital led the round with participation from existing investor Kingsway Capital, Jim Pallotta’s Raptor Group, and a roster of notable fintech angels. It brings total funding in the firm to $9.3 million since inception in 2019.The startup is currently running a private beta programme with 1000 customers after receiving in principle approval from the State Bank of Pakistan.

.Targeting Pakistan's burgeoning middel class population, SadaPay will launch with a digital wallet, virtual debit card and numberless physical card. Sign up for the service, which features an in-app live chat function for customer support, takes less than two minutes thanks to a direct connection to Pakistan’s National Database & Registration Authority.According to the company, Pakistan is the fifth most populous country globally with over 220 million people, but it has the third-largest unbanked population after China and India. SadaPay’s CEO and founder, Brandon Timinsky comments: “Pakistan has a refreshingly progressive regulator, a burgeoning unbanked middle class, widespread smartphone adoption, and over 70 per cent of the population is under the age of 35. We believe that a combination of factors makes Pakistan one of the best places for emerging fintech in the world and we are excited to be a leader in that ecosystem.”The ultimate goal for the company is to become a fully-fledged bank, says Timinsky, taking advantange of an up-and-coming framework from the SBP to issue digital banking licences.

Source = Breaking-Finance.Com

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Finance Breaking news Pakistani fintech startup SadaPay raises $7.2 million last financial news


Finance Breaking news Pakistani fintech startup SadaPay raises $7.2 million last financial news


Finance Breaking news Pakistani fintech startup SadaPay raises $7.2 million last financial news


Finance Breaking news Pakistani fintech startup SadaPay raises $7.2 million last financial news

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