A Pakistani based startup named FinTech has recently wooed an international investor and raised USD 1 million for its initial seed capital. The founders of the company Qasif Shahid, Monis Rehman and Umer Munawar notified that the funding was led by a Stockolm based Vostok Emerging Finance (VEF).
Qasif Shahid stated:
“As Pakistanis continue to rapidly adopt digital mediums, there is an opportunity to transform lives by reinventing business models and removing friction through digital interventions”
The preliminary funding will be used to launch an innovative mobile wallet which will be made commercial by the end of the year. The goal of FinTech is to contribute to the budding digital market in Pakistan. Moreover, it will aim to develop state-of-the-art financial services. Additionally, this new product will also provide variety to the digitally savvy population in the country.
Finja: A mobile wallet with a difference
Qasif Shahid stressed that Finja’s Mobile wallet is unique from other available options in the market as it imposes no services charges. He stated that other wallets charge a certain fee on every transaction. On the other hand, Finja comes free of charge for both senders/receivers or buyers/sellers.
This startup will revolutionize the mobile wallet industry on three levels including price, process, and functionally. The founders are currently geared up to expand their customer base by bringing more customers on board. They are also aiming to make the newly established entity a lucrative option for customers versus competitors’ products.
Shahid also stated that Pakistani population is gradually becoming more literate and digitally sound. This trend is providing numerous opportunities for us to transform business models through digital mediums. Therefore, consumers’ growing adaptability with different business models will change lives to a large extent.
Co-founder Monis Rehman said that this startup seed capital will enable Finja to exhibit the usability of digital-by-design financial services. In particular, this is just the beginning of a new era in this domain.
Finja’s innovative mobile wallet will form an alliance with a micro-finance bank to become operational. The project has initiated its pilot run but it will become fully commercial by 4th quarter of 2016. FinTech on the other hand will continue to explore new horizons with strong backing from international investors.
Managing director of VEF to join Finja
Vostok Emerging Finance Managing Director, David Nangle, will also join Finja’s board of directors. His extensive experience and vision will play a vital role in shaping the firm’s future in emerging markets. David stated:
“We are delighted to partner with a truly world-class team in one of the most exciting FinTech markets globally with a massive untapped potential”
He also added:
“Pakistan’s rapidly growing 3G/4G enabled smartphone subscribers, supported by a progressive regulatory framework, are a game changer for providing digital financial services to the country’s 200 million under-banked population.”