Pakistani FinTech Safepay secures funding from Stripe

By Edil Corneille

Karachi-based FinTech Safepay has raised a seven-figure investment funding from global financial technology platform company Stripe. The round included participation from other local and international investors as well.

Safepay was launched in 2019 with a vision to accelerate the adoption of digital payments in Pakistan by targeting a wave of entrepreneurs wanting to accept online payments from their customers.

“We want to work in improving digital payment infrastructure in Pakistan to decrease the reliance on cash and other OTC transactions, regardless if this is in a business-to-customer, business-to-business or government-person context. We feel we are in a strong position to develop innovative payment solutions to facilitate such transactions. Our ultimate goal is to increase the size of the online economy in Pakistan,” said Safepay’s co-founder Ziyad Parekh.

Noah Pepper, Stripe’s business lead for the Asia Pacific, commenting on their investment in Safepay, said, “The Safepay team’s solutions will be an important contribution to the future of Pakistan’s economy. We love backing founders who really know their markets and have the vision to help local businesses. Their commitment to increase digital payments in Pakistan will become even more vital as Pakistan continues to pursue a fully digital economy and increases its role in global trade.”

Raza Naqvi, the co-founder of Safepay shared, “The choice of backers reflects a combination of funds that already have links with other businesses in the market and that are bullish on the entrepreneurial space in Pakistan. Backing from Stripe, in particular, will provide us with unique guidance towards becoming a leading technology provider, building world-class products in the context of local payments and commerce.”

Six months after having completed its acceleration as part of Y Combinator’s Summer 2020 batch, Safepay is now backed by Global FoundersCapital, HOF Capital, Soma Capital, Mantis Capital, Fatima Gobi Ventures and Stripe, among others.