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Kul Bhushan · · 1 min readYC-backed Pakistani fintech firm nets $12m funding
“Fintech startup TAG Innovation Pvt. received $12 million from investors including New-York based Liberty City Ventures and Canaan Partners in its fundraising effort to capitalize on the growing popularity of digital payments in Pakistan,” Bloomberg reported.
Details:
- Liberty City led the new funding round, which also saw participation from Addition, Mantis Venture Capital, Banana Capital, and others.
- After the funding, Tag’s valuation soared to US$100 million.
Dive deeper:
- The one-year-old startup, which counts Y Combinator among its investors, offers banking services, utility bills payments, and mobile phone top-ups, among others.
- The funding round marks a growing interest among investors in Pakistan’s startup ecosystem. According to Bloomberg, startups in the country have raised over US$250 million in this year alone, more than in the past six years combined.
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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