back Back

SadaPay a Pakistani FinTech start-up raises $7.2 million

By Leandra Monteiro

March 31, 2021

  • Pakistan
  • Sadapay
Share

SadaPay, Funding, FinTech, Pakistan, paymnetsSadaPay, a Pakistani FinTech start up, has announced raising $7.2 million in a seed round, totalling its funding to $9.3 million since its inception in 2019. The Islamabad-based FinTech SadaPay funding round comes on the heels of accelerating consumer demand for SadaPay, whose waitlist is now crossing 200,000 registrations.

Recharge Capital led the round with participation from existing investor Kingsway Capital, Raptor Group, and other FinTech angels. According to the firm it brings total funding to $9.3 million. Earlier in the beginning of the year, the company launched its digital wallet and numberless debit card in its pilot phase under the supervision of the State Bank of Pakistan (SBP).

SadaPay now plans to take advantage of the nearly one million smartphones coming online in Pakistan every month through its mobile app that allows users to sign up for a wallet account in under two minutes and immediately start using a SadaPay Virtual Mastercard. As SadaPay is directly connected to Pakistan’s National Database & Registration Authority (NADRA), the company say it can instantly verify any Pakistani’s identity from anywhere in the world – including the 15 million Pakistani expatriates living abroad.

According to media reports, SadaPay’s CEO and founder, Brandon Timinsky said, “Pakistan has a refreshingly progressive regulator, a burgeoning unbanked middle class, widespread smartphone adoption, and over 70 per cent of the population is under the age of 35. We believe that a combination of factors makes Pakistan one of the best places for emerging fintech in the world and we are excited to be a leader in that ecosystem.”

SBP is validating its own framework for a digital bank license, which SadaPay aims to adopt soon. “Working with such forward-thinking regulators at the State Bank of Pakistan and collaborating with the Payment Systems Department has been a phenomenal experience,” Brandon shared.

Previous Article

March 31, 2021

Cloudentity & Okta partner to deliver zero trust dynamic authorization for Open Banking

Read More
Next Article

March 31, 2021

Concentra Bank selects Intellect to power cloud banking on Azure

Read More








IBSi Daily News Analysis

March 22, 2024

Pakistan

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

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

Payop partners with Tink to add Pay by Bank in Europe

Read More

March 26, 2024

LHV Bank launches personal savings product on Hargreaves Lansdown

Read More

March 22, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

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