KARACHI – Oraan, Pakistan’s first women-led, women-first fintech startup, has successfully raised $3 million in funding, co-led by returning investor Zayn Capital and Wavemaker Partners.
Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global, Plug and Play and angels like Claire Diaz-Ortiz, a former investing partner at Magma Partners and early Twitter employee, also participated in the funding round, said a tech website.
Oraan has so far raised just over $4 million in funding. Previously, the fintech had raised financing from Tharros, Zayn Capital, an angel syndicate led by Google executives, and Graph Ventures
The startup is a joint venture launched by Halima Iqbal, a former investment banker, and Farwah Tapal, a design strategist, in 2018.
“Oraan was founded when we realised that the large majority of the Pakistani population struggles to access financial services simply because they are not designed for them,” said Iqbal. “While there is a demand among women for credit, insurance and savings services, they are unable to approach financial institutions due to mistrust, complexity of products and challenges around mobility.”
The startup provides services related to credit, insurance, and savings in Pakistan, which it says is home to five per cent of the world’s unbanked female population.
The press statement described Oraan Committees, the startup’s flagship product, as the digital reimagination of Rotating Saving and Credit Associations (ROSCAs) — an age-old...
Read Full Story: https://pakobserver.net/dare-to-dream-bigger-pakistans-first-women-led-startup-oraan-raises-3-mln-seed-funding/
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