SadaPay, a Pakistan-based fintech startup, has reportedly secured $7.2 million through its latest seed funding round, which was led by Recharge Capital with participation from Kingsway Capital, Raptor Group, Ualá’s founder Pierpaolo Barbieri, Ribbit Capital’s Brian McGrath, former General Catalyst partner Ilan Stern, and Valon Technologies’ founder Andrew Wang.
Founded in 2019, SadaPay states it is a neobank on a mission to bring modern financial services to Pakistan. In December 2020, SadaPay was approved by the State Bank of Pakistan to launch pilot operations. The company does not have physical branches like a traditional bank, but provides the following:
- Mastercard debit card
- No annual fees or minimum deposit
- Free, instant transfers to any bank or wallet in Pakistan under Rs. 10k
- Free cash withdrawals at any ATM in Pakistan (three times per month)
According to MENAbytes, SadaPay is currently in private beta and its mobile wallet has more than 200,000 people on its waitlist. In its current pilot phase, SadaPay is operating with a max of 1,000 customers. The company revealed in a statement:
“Since SadaPay does not bear the high costs of managing the physical infrastructure of traditional banks, it passes those savings to its customers in the form of free financial services. The company will generate revenues from premium product offerings such as merchant services and remittances.”
SadaPay previously spoke to Crowdfund Insider about its development and plans fo the future:
“Another very strong belief we have is that customer experience success goes beyond quantifiable metrics. We care about putting ourselves in our user’s shoes and focusing on how we make them feel on a deeply human level. And this way of thinking isn’t just restricted to the experience team, it runs across the entire organization. From marketing teams to engineering and product teams where all employees collectively and individually prioritize customer needs in everything that they do.”
As covered last month, SadaPay has introduced numberless debit card for seamless digital transactions.