Pakistan’s NayaPay has raised $13 million in its seed-stage funding
- ByStartupStory | February 26, 2022
Karachi-based NayaPay has raised $13 million in its seed-stage funding. The company seeks to capture millions of users. The round was led by Zayn Capital, Silicon Valley and MSA Novo including participation from Saison Capital, Waleed Saigol’s Maple Leaf Capital, Lakson Group and Warren Hogarth of Empower Finance.
NayaPay has become the first startup to offer fiscal services after getting a license from the State Bank of Pakistan in August. The fintech’s chat-led payments app started with the motive of targeting students and freelancers.
Fintech startups in developing nations are capturing increasing investor interest as more people accepted the benefit of digital payments during the pandemic. Only 1% of almost $4 trillion of payments are made digitally in Pakistan. According to the World Bank, The country has the third-largest population globally of people who don’t have access to banking services.
Lakhani, who led Pakistan’s largest fiber-broadband service, StormFiber said “ Fintech has enormous opportunities in Pakistan.NayaPay is now building a digital payment platform for small and medium enterprises by targeting 5 million users and 300,000 merchants in the next five years.”
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