back Back

NayaPay raises $13m, rolls out digital payments service in Pakistan

By Leandra Monteiro

February 24, 2022

  • Digital Payments
  • FinTech
  • Funding
Share

Nayapay, Pakistan, FinTech, payments, KarachiNayaPay, a Pakistan-based FinTech platform, has raised $13 million in one of the largest seed rounds in South Asia. Bringing together a diverse mix of global institutional and angel investors, the round was led by Zayn Capital, global fund manager MSA Novo and early-stage VC Graph Ventures from Silicon Valley. Singapore-based Saison Capital, Waleed Saigol’s Maple Leaf Capital and Warren Hogarth, CEO Empower Finance, also participated in the round, alongside a major investment from the sponsors of the Lakson Group – a Pakistani conglomerate with interests in media, telecom, industrials, financial services as well as controlling stake in Colgate-Palmolive Pakistan and McDonald’s Pakistan.

NayaPay is the first FinTech of its kind in Pakistan having recently secured the first E-Money Institution license from the central bank, State Bank of Pakistan. It is on a mission to make financial services simpler and accessible to millions of Pakistani users. NayaPay aims to be at the forefront in the digitisation of Pakistan with its two-sided platform for the underbanked.

The FinTech has launched its chat-led super app targeted primarily at students and freelancers and is building a SaaS-based platform called NayaPay Arc offering universal payment acceptance and financial management tools for SMBs. NayaPay’s platform strategy will harness the network effects between consumers and merchants, as seen in platforms such as Square Cash/Square, WeChat Pay, AliPay and Venmo in their native markets.

NayaPay CEO and Founder Danish A. Lakhani commented, “NayaPay is empowering young Pakistani adults starting their financial journey, from students stepping into adulthood to freelancers and entrepreneurs taking an active role in managing their finances. In many senses, it’s a coming-of-age moment for many and our goal is to continue to innovate and build functionality to become a part of their daily lives, for the rest of their lives.”

Danish A. Lakhani added, “Micro, small and medium businesses make up 90% of the merchant base in Pakistan and yet they are underserved when it comes to access to basic financial services. NayaPay Arc will provide universal payments acceptance and a range of business financial management tools to empower entrepreneurs and small business owners. The tools are intended to give business owners visibility of their cash flows, pay suppliers and grow sales.  Our goal is to enable them to focus on growth while we take care of the rest. By helping small businesses harness the power of technology, we believe we can transform the Pakistani economy.”

Faisal Aftab, Managing Partner and Co-Founder at Zayn Capital Fronteir, said, “We are very bullish on fintech in Pakistan. While just beginning to emerge, Pakistani fintechs have the advantage of learning from peers and placing better informed strategic bets. We were impressed by the completeness of the vision of the founding team at NayaPay, and their differentiated platform-based strategy– first focused on servicing the needs of underbanked consumers and SMBs with specific use cases and building out from there. With a proven ability to execute on the ground, the founder has an impressive track record of building and scaling businesses in Pakistan, including the country’s largest fiber broadband service (StormFiber).”

Omar Siddiqui, General Partner at Graph Ventures, added, “We are excited to partner with Danish and the NayaPay team as they scale their leading digital payments platform for consumers and merchants in Pakistan.  We have been early-stage investors in 300+ companies over the past decade in the United States, Southeast Asia, and Latin America, and we are excited to see the mobile and fintech technology trends that have empowered consumers in these markets also emerge in Pakistan.  NayaPay already offers the most robust solution for consumers to access next-generation financial conveniences in Pakistan, and we look forward to working with the team as they roll out new products and grow their consumer base.”

Danish A. Lakhani concluded, “Customer trust is a key pillar of any platform’s success. At NayaPay, we are consumed by our obsession to simplify the lives of both consumers and merchants with our app and NayaPay Arc while supporting our customers with robust and scalable technology and fanatic customer service. We are also partnering with leading banks to provide additional value and convenience to our mutual customers, eventually leading to a full digital banking experience.”

Previous Article

February 24, 2022

TreviPay announces acquisition of BATON Financial Services

Read More
Next Article

February 24, 2022

Airwallex rolls out virtual Airwallex Borderless Cards for U.S. businesses

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Digital Payments

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

Today

Boodil launches innovative Travel Payments Platform

Read More

Today

heymax & Visa team to simplify Credit Card rewards experience

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023