YPay, an autopilot for millennial investors, has raised investment at $2 million valuation pre-seed through US-based accelerator fund ODX (On Deck). The company is now in the process of going commercial as it has successfully graduated from the Securities & Exchange Commission of Pakistan’s (SECP) 1st Regulatory Sandbox.
YPay raises investment at $2 million valuation to help them transition from startup to the investor company
YPay, an Investec company that enables first-time investors to invest, in order to start saving early. The investment raised at $2 million valuations will be utilized in the transition process as the company plans to go commercial after successfully graduating from the Securities & Exchange Commission of Pakistan’s (SECP) 1st Regulatory Sandbox cohort. YPay is also in the process of acquiring a license from the SECP.
The Founding Director of Pakistan Fintech Network, Baqar Jafri, said; “YPay, an autopilot for millennial investors, raises pre-seed round from On Deck at $2 million valuations. Great things happen when regulators, mentors, and ecosystem support entrepreneurs!” YPay has partnered with more than five financial institutions while running its pilot in 2021 and is ready to go national in a few weeks.
A little about YPay
Founded in August 2020, the fintech startup has posted great figures on the board by the end of the year its team was also interviewed and shortlisted by California-based Y-Combinator. YPay is an app that empowers millennials to invest digitally in mutual funds. It aims to facilitate the population of Pakistan through the smart investment of money and helping them track their current financial statistics. The vision of YPay is to create financial literacy among people, bridge the gap between the Pakistani youth and the capital market, promote a culture of savings, and provide a means to invest in mutual funds via the application.
The co-founders told a publication; “There is a big gap in financial literacy around investment avenues especially for first-time investors, and a lack of ease of use is present in investment apps of Pakistan, which adds a barrier to entry for them. We at YPay understand these barriers for the first-time investor and we aspire to eliminate the barriers to maximize adoption of investment apps like YPay Financial.”
Source: Pro Pakistani