Neem, Pakistan’s embedded finance platform, has raised $2.5 million in a seed funding round from local and global investors including SparkLabs Fintech, Arif Habib Ltd, Cordoba Logistics and Ventures Ltd, Taarah Ventures, My Asia VC, Concept Vines, Building Capital, Partners at Outrun Ventures and strategic angels as CSO of tech house BPC, Founding Partner at Mentors Fund, as well as fintech veteran and ex-CEO of Seccl and others.
Neem Raises $2.5 Million to Serve the Underbanked Communities
According to Neem, the company has raised money to bring financial wellness to Pakistan’s underbanked communities – both individuals and businesses. This is done by; giving control to businesses and individuals via payments addressing their needs through credit, absorbing risk through access to insurance, and providing financial freedom through savings and investments.
The financial wellness model provides banking-as-a-service (BaaS) and lending platforms to its customers the former allows partners to embed wallets and payments into their communities while the latter allows partners to provide tailored lending products for both consumers and MSMEs. The co-founder of Neem, Nadeem Shaikh, said; “The embedded finance revolution that is taking place globally in financial services is about democratization, personalization, and access to products and services at the point of experience. At Neem, we aim to provide solutions to customers when and where they need them.”
Word from Investors
Shahid Ali Habib, CEO of Arif Habib Ltd, said; “We are really excited about our investment in Neem which is looking to transform the financial landscape in the country.” William Chu of SparkLabs said; “We have a strong conviction about Neem’s mission to enable financial wellness for underbanked communities, and have full confidence in the Neem leadership team to realize this vision amidst macro challenges across the globe.” Sophie Guibaud, Co-founder and CCO at the Fiat Republic, stated; “Embedded finance equips technology companies, brands, and retailers with the ability to provide a banking and payments experience to their end customers in a seamless, convenient, and authentic way. Given what is at stake, embedded finance should be a priority on the strategic agenda of all tech companies, brands, retailers, and banks.”