Roehl Niño Bautista · · 1 min readPakistan e-wallet banks $13m in seed funding
NayaPay, a Pakistan-based e-wallet, has raised US$13 million in a seed round led by Zayn Capital, with MSA Novo and Graph Ventures participating.
Photo credit: NayaPay
NayaPay is a fintech firm that aims to serve 5 million customers across Pakistan. It said out of 50 million unbanked adults in Pakistan, only 33% of adult women have bank accounts and 70% of the country’s population is under 35 years old – which it sees as a market opportunity.
The company was founded by Danish Lakhani in March 2019. It was the first recipient of an electronic money institution license by the State Bank of Pakistan.
The fintech firm is primarily targeting students and freelancers and is building a SaaS-based platform called NayaPay Arc that will offer universal payment acceptance and financial management tools for small and medium businesses.
See also: Should Singapore’s e-wallets be threatened by Google Pay?
Other investors in this round include:
- Saison Capital
- Maple Leaf Capital
- Warren Hogarth, CEO Empower Finance
Editing by Collin Furtado and Arpit Nayak
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