In recent news, a fintech startup called Oraan has raised $3 million in Pakistan’s startup seed round which was led by women entrepreneurs. The seed round was led by Zayn Capital and Wavemaker Partners, while Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global, and Plug and Play were its participants. Claire Diaz-Ortiz, a prominent angel investor and an advisor to the company, also participated in the round.
Founded by Halima Iqbal and Farwah Tapal the startup aims to help women access financial services. According to Halima, it was really difficult opening a basic bank account which took her around three and a half months, and began researching how Pakistani women deal with money hence leading her to generate the vision of Oraan.
According to their research, around seven percent of Pakistani women have a basic bank account and are constantly facing logistical and social barriers. According to Halima Iqbal:
“When a woman goes into a bank, the first question we get asked is ‘why do you even need bank account?,’ especially if you’re a freelancer or micro-entrepreneur or unemployed homemaker. These kinds of restrictions have hindered women from having the kind of financial mobility that they require to be able to contribute equally to the economic growth of the country.”
As of now, Oraan has raised over $4 million in funding total. Moreover, according to the two co-founders, they are the first women entrepreneurs in Pakistan’s fintech space to raise a seed round.
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Read Full Story: https://www.techjuice.pk/oraan-raises-3-million-in-in-pakistans-startup-seed-round-led-by-women-entrepreneurs/
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