Tag, a one-year-old startup that offers banking and financial services to users in Pakistan, has raised over $12 million in what is now the largest seed financing round in the South Asian market.
Liberty City Ventures, Canaan Partners, Addition, Mantis and Banana Capital and others financed the round, which brings YC-backed Tag’s to-date raise to over $17.5 million. This is the firm time many of these investors, including Lee Fixel’s Addition, have invested in a startup in Pakistan.
The round values Tag at $100 million, two people involved in the deal told TechCrunch. The new funding took just two weeks to close, Tag founder and chief executive Talal Gondal told TechCrunch in an interview. He declined to comment on the valuation.
The investor’s excitement to Tag comes as the startup builds one of the crucial railroads for users in Pakistan. “We are trying to become both Revolut and Paytm in Pakistan,” the 29-year-old founder said.
Tag partners with public and private firms to offer their employees banking services including getting their salaries on the Tag account and Visa-powered virtual and physical cards. Signing up on Tag — which includes some verification of an individual’s identity — just takes three minutes, he said.
It also provides a range of B2C offerings such as the ability to pay others online and top up utility bills that are available to any user in Pakistan who signs up to the platform.
“We eventually want to offer the complete set of banking and financial...
Read Full Story: https://techcrunch.com/2021/09/22/fintech-startup-tag-valued-at-100-million-in-pakistans-largest-seed-round/
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