back Back

Pakistani FinTech Finja secures $9mn in Series A financing

By Megha Bhattacharya

December 30, 2020

  • Pakistan
  • Pakistani
Share

Pakistan-based FinTech Finja has secured $9 million in a Series A funding round that saw the participation of ICU Ventures and the existing investors BeeNext, Vostok Emerging Finance, Quona Capital, and Gray MacKenzie Engineering Services (a Descon company). The development takes the total financing raised so far by the company to about $15 million. The company plans to use the funding to boost its product and marketing efforts as well as develop new lending portfolios.

“Small business and consumer lending represent a $60 Billion market in Pakistan of which less than 4% is currently penetrated. As a result of this sector being neglected, small businesses have largely struggled to grow due to unavailability of capital,” Finja said in a statement. It operates with dual licenses from the country’s central bank (SBP) and financial regulatory agency (SECP).

Established in 2016, Finja is a digital lending platform with a focus on micro SMEs (mainly grocery stores) and salaried professionals. It offers different types of lending and payments services including inventory financing, vendor payments, etc. It also offers credit to salaried professionals who are not part of its network, through a different product called Finja Credit Line.

Qasif Shahid, the co-founder and CEO of Finja said, “With this new capital injection along with our strong partnerships with SECP, SBP, banks, FMCGs, distributors and so many other parts of the supply chain and payment ecosystem, we are fully equipped and supported by the industry to rapidly scale to create unprecedented impact.”

Monis Rahman, the co-founder and Chairman of Finja who is one of Pakistan’s leading tech entrepreneurs and leads country’s largest online employment portal Rozee.pk, said, “We are excited to scale our efforts to help small businesses and consumers reach their goals with dignity. We are grateful for the support of some of the world’s best fintech funds which have invested in Pakistan for the first time through Finja.”

Previous Article

December 30, 2020

Top FinTech funding rounds in the Americas: December 2020

Read More
Next Article

December 30, 2020

GeoDB raises £2.4 million in its latest Seedrs crowdfunding campaign

Read More







Advertise with us



IBSi Daily News Analysis

Fraud

June 29, 2022

Pakistan

UK has become the global hub for fraud due to an explosion of cybercrime

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

Pendo strengthens its presence in Europe to drive the product-led movement

Read More

Today

Shieldpay announced a partnership with DirectID

Read More

Today

Arya.ag crosses INR 500cr milestone on its FinTech platform

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

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 2022