SparkLabs Fintech has launched SparkLabs Pakistan Fund I, a $5 million fund that intends to invest in Fintech startups in Pakistan.
Tell me more: Founded in 2013 in South Korea by Frank Meehan, Bernard Moon, and John Lee, SparkLabs Group is a network of startup accelerators and venture capital funds.
SparkLabs Group has invested in 350+ tech companies globally, including Lyft, Kraken, and Discord, through its venture fund.
SparkLabs Fintech, managed by SparkLabs Group, is an accelerator program based in Hong Kong.
It focuses on payments, consumer finance, cybersecurity, cryptocurrency, blockchain, insurance, and digital banking startups.
SparkLabs Fintech’s general partners Sameer Chishty and William Chu will lead the SparkLabs Pakistan Fund I.
Portfolio: SparkLabs has already invested in a few startups in Pakistan.
You should know: The fund’s investors include Pakistanis in the diaspora and family offices from the United States, Europe, and Asia.
Big picture: SparkLabs Fintech plans to raise another $25-30 million to continue investing in early-stage startups and provide them with follow-on funding.
It plans to invest in 15-20 fintech startups in Pakistan during the next two years.