NayaPay, a Karachi-based fintech startup, raised $13 million in seed funding from Zayn Capital, MSA Novo, Graph Ventures, Saison Capital, Maple Leaf Capital, and angel investor Warren Hogarth.
Elevator Pitch: Pay, split bills and send money from your smartphone.
Tell me more: Of the 220 million people in the country, about 100 million are unbanked.
The underbanked population consists largely of students and freelancers. Because they do not have a source of income, it is difficult for them to open bank accounts. Banks consider them high risk.
That’s where NayaPay comes into play.
Anyone with a smartphone in Pakistan can send and receive money, split bills, and make payments conveniently with NayaPay.
Currently, there’s a waitlist but the signup process isn’t as complicated as opening up a bank account.
It also issues virtual and physical Visa cards connected to a digital wallet so users can make POS payments.
You should know: NayaPay was founded in 2017 by Danish Lakhani.
It received its EMI license from the State Bank last September after a year-long pilot and review.
Before you go: In Pakistan’s cash-heavy economy, where only 1% of $4 trillion in payments are done electronically, NayaPay is advancing the digital payment revolution.
Over the next five years, it hopes to add 5 million users. It is also planning to offer other digital services like lending and investing.
It faces competition from SadaPay and TAG.
