Taro Technologies, a Lahore-based fintech startup, raised $3.5 million in pre-seed funding from undisclosed investors.
Elevator Pitch: Pay for purchases in four equal installments over three months.
Tell me more: Buy Now, Pay Later is a payment option that allows customers to pay for large purchases in equal installments over a certain period.
Users can split purchases into four equal payments over three months with Taro. The startup also claims to be Shariah-compliant with no interest or markup fee.
Taro increases a customer’s credit limit every time they shop. A higher credit limit makes them eligible for more lending products.
You should know: It is not clear who founded Taro and when. LinkedIn has Mustafa Khan listed as the CEO.
The startup has partnered with Dubai-based Cashew Payments, a BNPL payment provider, to accelerate its launch in Pakistan as part of its pre-seed round.
Before you go: Taro plans to use the fresh funding to hire and build teams across Pakistan, starting with Lahore.
It faces competition from other BNPL startups such as QisstPay and KalPay.