Collin Furtado · · 1 min readPakistani fintech firm raises country’s biggest seed financing
“Islamabad-headquartered fintech SadaPay has raised US$7.2 million in a seed round led by New York-based Recharge Capital,” reported MENAbytes.
Details:
- Others that joined the round include Raptor Group and returning backer Kingsway Capital. Angel investors such Pierpaolo Barbieri, founder and CEO of Argentinian fintech firm Uala, and Brian McGrath, general partner at Ribbit Capital in Silicon Valley, also participated.
- This round is the largest-ever seed funding closed by a Pakistani startup.
Context:
- Apart from debit cards, SadaPay recently launched a mobile wallet that’s available in private beta. The app is allowed to have a maximum of 1,000 customers during the pilot stage, but it has over 200,000 people on its waitlist.
- The e-wallet’s public launch will start after SadaPay gets a full Electronic Money Institution license from the State Bank of Pakistan.
Editing by Eileen C. Ang
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