SadaPay, the Islamabad-based neobank, raised $10.7 million in seed extension from Recharge Capital, Kingsway Capital, and Raptor Group. Previously, it raised $7.2 million in seed funding from the same investors.
Elevator pitch: Money at your fingertips.
Tell me more: Opening a bank account is painful. It’s a process unlike any other.
It involves a lot of paperwork, questions, and a terrible user experience.
That’s where SadaPay comes into play.
You can open a SadaPay account within two minutes by taking a selfie and a picture of your ID card.
Instantly, you will receive a virtual MasterCard debit card.
Once the account is opened, you will be able to make online purchases on apps and websites such as Foodpanda, Amazon, AliExpress, Netflix, and Spotify.
In just 2-3 business days, you will receive a physical Mastercard at your doorstep.
SadaPay offers 24/7 in-app chat support with a median response time of fewer than 30 seconds compared to traditional banks.
Remittances from 55+ countries worldwide are free, and you can withdraw cash for free from any ATM in Pakistan.
SadaPay makes money by providing value-added services. For instance, it charges a fee to freelancers to accept international payments. It also offers payroll services to businesses.
You should know: SadaPay was founded in 2019 by Brandon Timinsky. To date, SadaPay has raised $20 million in disclosed funding.
Before you go: On April 17th, SadaPay announced that it had been awarded a commercial license from the State Bank of Pakistan to provide financial services via its smartphone app as an Electronic Money Institution (EMI).
SadaPay will now proceed with its public rollout and onboard over 500,000 people on its waiting list.
Zoom out: SadaPay hopes to almost double its headcount to 250 employees before the end of the year. And has added new products geared toward small business owners and freelancers.
SadaPay competes with NayaPay and TAG in the neobank space.