Pakistan-based fintech platform, NayaPay, has raised $13 million in a seed round to rollout its multi-service messaging and payment app, and to build payment acceptance and financial management tools for businesses in the South Asian country.
NayaPay CEO and Founder Danish Lakhani told TechCrunch that the super-app, which was launched in 2020, allows people residing in Pakistan to send and receive money, split bills and make payments conveniently from smartphones. They have also issued virtual and physical Visa cards linked to the NayaPay wallet further allowing its users to make POS payments, and businesses to accept payments through its platform.
Lakhani said that NayaPay is leading a digital payment revolution in Pakistan, a cash-heavy economy, where only 1% of $4 trillion payments are done electronically. This is in a country of 220 million people. But NayaPay’s goal is even bigger; to bank the more than 50 million adults that remain unbanked, with women affected the most — only one in three women holds a bank account. The youth and freelance communities in Pakistan are also majorly locked out by traditional banks.
“Students and freelancers are among the most underbanked population, and they are our first target market. They find it very difficult to open bank accounts because they don’t have a sense of income. Bank compliance departments consider them very high risk, but we see them as a group with the highest lifetime value,” said Lakhani.
The round was led by Zayn...
Read Full Story: https://techcrunch.com/2022/02/23/nayapay-secures-13-million-largest-seed-funding-in-south-asia-for-its-messaging-and-payment-app/
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