Tagged: karachi

Virtual Banking: Pakistan Issues In-Principle Approvals to Digital Banks, as Nation’s Fintech Sector Expands

In order to support innovation, financial inclusion as well as the emerging digital financial services ecosystem, the State Bank of Pakistan (SBP) has reportedly issued In-Principle Approvals for launching five digital retail-focused banking platforms. Pakistan’s newly approved online banks reportedly include HugoBank, KT Bank Pakistan… Read More

Karachi-based Fintech Safepay HQ to Go Live with Cybersource, a Product of Visa

Karachi-headquartered Fintech firm Safepay HQ is reportedly going live with Cybersource (a product of payments service provider Visa) in order to bring Pakistani merchants new ways to allow their clients to pay them online. Safepay is a payment service provider that has reportedly received pilot… Read More

ZoodPay, the Digital Lending Platform, Expands Operations to Pakistan

ZoodPay, the digital lending platform for e-commerce in the Middle East and Central Asia, has entered Pakistan by fully “acquiring Karachi headquartered Tez Financial Services (Tez).” Backed by investors including Planet N, Flourish Ventures and Accion, Tez reportedly became “the first Fintech in Pakistan to… Read More

Fintech Adoption in Pakistan on the Rise with Record Levels of Funding Secured by Startups: Report

Pakistan has managed to attract a considerable amount of new capital to support its evolving Fintech sector and emerging startups. The significant increase in new funding actually began following the COVID-19 outbreak which led to many more consumers transacting online instead of visiting physical business… Read More

Karachi Fintech Seed Labs, Developer of Trading App dTrade, Acquires $6.4M from Alameda Research, Others

Karachi’s Seed Labs, which has developed a new trading app (called dTrade), has secured $6.4 million in capital through a seed funding round at a $50 million valuation. Seed Labs co-founders Ahmad Jawaid, Zabi Mohebzada, Rabeel Jawaid, and Yameen Malik have helped create the dTrade… Read More

US Dept of the Treasury’s Office of Foreign Assets Control Sanctions Individuals, Entities for Attempting to Undermine 2020 US Presidential Election: Report

On April 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 16 individuals and 16 entities for “attempting to undermine and influence the 2020 US presidential election,” blockchain security firm CipherTrace noted in a blog post. CipherTrace also mentioned… Read More

Fintech Stripe Invests in Karachi based Digital Payments Startup Safepay’s Seed Round

Karachi-based Fintech firm Safepay has reportedly acquired seed funding from global financial technology company Stripe. Safepay hasn’t disclosed the amount it has received but claims that it’s a seven-figure (USD) amount. Other local and international investors also took part in the Pakistani Fintech firm’s investment… Read More

Pakistan’s Mobilink Microfinance Bank Receives Best Digital Bank Award from Nation’s CFA Society

VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), an established multinational provider of connectivity and various digital services, has revealed that Mobilink Microfinance Bank Ltd (MMBL), which is part of Pakistan’s mobile operator Jazz, has been awarded “the Best MicroFinance Bank (Digital) of the Year Award”… Read More

Karachi based Fintech Safepay Plans to Become “the Stripe of Pakistan” after Receiving Support from Y Combinator

Pakistani Fintech firm Safepay recently received an investment from Y Combinator and it’s now planning to become “the Stripe of Pakistan.” Karachi-headquartered Safepay has notably become the first Pakistani Fintech to complete Y Combinator’s program for startups. The company was reportedly a part of YC’s… Read More

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