A Pakistani fintech startup NayaPay has raised $13 million in an early stage seed funding round. The seed round is the largest seed round in South Asia and was led by Zayn Capital, global fund manager MSA Novo and early-stage VC Graph Ventures from Silicon Valley. “While just beginning to emerge, Pakistani fintechs have the advantage of learning from peers and making better-informed strategic bets,” said Faisal Aftab, co-founder at Zayn Capital.
NayaPay becomes the first startup offering the financial services
NayaPay has become the first startup offering the financial services after receiving the license from State Bank of Pakistan in August 2021. At the start, NayaPay mainly targeted students and freelancers but now it is looking to expand to other potential audiences in the demography.
NayaPay is now eyeing the five million customers and 300,000 merchants in five years
NayaPay’s is now eyeing the five million customers and 300,000 merchants in five years, said Lakhani. It is further building a platform for SMEs just like Square, WeChat Pay and Venmo.
Omar Siddiqui, General Partner at Graph Ventures, addressed on the occasion, “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,” he further added.