MyTM, a Lahore-based fintech startup, raised $6.9 million in seed funding from My Petroleum (My Group), 100 Ventures, Loyal VC, United Seven Hills Venture, and PEX International.
Elevator Pitch: A digital bank account and one-stop solution for the unbanked and underbanked.
Tell me more: Opening a bank account in Pakistan is not easy. Over 100 million people in the country are unbanked.
Banks usually require a physical visit with documents, and a certain amount to be deposited if you wish to open an account.
MyTM provides an alternative for this.
It offers instant account opening with zero balance requirements and a virtual debit card.
It has a hybrid model that allows cash-based and cashless transactions to be carried out simultaneously.
You can make online payments for free and also apply for a microloan through the app. In addition, the startup provides the option to buy e-tickets including buses, cinemas, air tickets, etc. through its website.
MyTM has also launched the Payment pull (e-POS), Visa / Mastercard (debit/credit card) acceptance, and payment gateway recently.
You should know: MyTM was launched in 2018 by Zain Farooq.
The startup has previously raised $300,000 in pre-seed funding bringing the total funding raised to $7.2 million.
Zoom Out: MyTM aims to use this funding to acquire an NBFC (non-banking financial company), hire new talent, and create a network of cash-rich agents in the country.
It also aims to enable digital payments at 6000 locations across Pakistan by the end of this year.
Big Picture: Out of 220 million people in Pakistan over 100 million are unbanked. There is only one bank branch and one ATM for every 15000 individuals, this provides MyTM with ample growth opportunities within the country.