Pakistan
State Bank of Pakistan Approves 5 In-principle Approvals for Digital Retail Banks in Pakistan
In a bid to foster innovation, financial inclusion and availability of affordable digital financial services, State Bank of Pakistan (SBP) has granted In-Principle Approval (IPA) for establishing five digital retails banks, namely HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank
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Pakistan Central Bank Shortlists Five Players for Digital Banking License
The State Bank of Pakistan (SBP) has unveiled the granting of no objection certificates (NOCs) to five applicants of its digital banking license, moving these entities closer to securing the regulatory greenlight they need to eventually launch their digital banking
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BNPL Emerges as New Favorite Payment Option in MENA-Pakistan
In the Middle East, North Africa and Pakistan (MENAP) region, exponential growth in the e-commerce market is fueling the rise of newer methods of paying, with buy now, pay later (BNPL) arrangements, in particular, emerging as the new favorite payment
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Funding Momentum to Continue in Pakistan Fintech Sector
2021 was a blockbuster year for Pakistani startups, which raised a total of US$352 million, data from Invest2Innovate, a local consultancy firm, shows. Out of that sum, 27% was raised by fintech startups, or US$95 million (excluding Bazaar’s combined US$36.5
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Pakistan’s Digital Ledger CreditBook Picks Up US$11m From Tiger Global and Others
Pakistan-based digital bookkeeping solution CreditBook has raised US$11 million in a pre-Series A round. The round was led by Tiger Global and Firstminute Capital, and marks the first investment in Pakistan for both firms. Participating investors included VentureSouq, Ratio Ventures
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Pakistan’s PostEx Closes US$8.6m Seed for Its Ecommerce Fintech Solution
Pakistan-based ecommerce fintech company PostEx has closed a US$8.6 million seed funding round, one of the largest early-stage funding deals to be seen in Pakistan. The Lahore-based startup raised the funding in multiple tranches, with the latest led by Global
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Jumo Secures US$120m to Scale Its BaaS Platform
South Africa-headquartered AI-based banking-as-a-service platform Jumo announced in a statement that it has raised US$120 million from new and existing backers. The round was led by Fidelity Management & Research Company, an investment advisory firm owned by the Johnson family,
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Pakistan’s Udhaar Book Secures US$6m for Digital Book-Keeping App
Pakistan-based MSME-focused cash flow management platform Udhaar Book has raised US$6 million in seed funding to digitise credit in retail shops in Pakistan. The funding was raised from Fatima Gobi Ventures, Muir Capital (by Plaid co-founder William Hockey and other
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Pakistan’s Nascent Fintech Ecosystem Gets a Boost
Despite a growing population and a large pool of unbanked, Pakistan has been a relatively slow-mover within the digital finance space, but new opportunities brought about the COVID-19 pandemic and government-led initiatives are expected to fuel growth. Out of a
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Pakistan Digital Banking Startup Secures Record Seed Round
Pakistani digital banking startup Tag has secured over US$12 million in the largest seed funding round to have taken place in South Asia. With the fundraise, Tag’s valuation now stands at US$100 million, TechCrunch reported, with the company closing the
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