Islamabad-based fintech startup SadaPay has secured $ 7.2 million in initial financing, led by a New York-based company Recharge Capital, and the investment is being hailed as the largest initial round in Pakistan guaranteed by any startup local.
In addition to Recharge Capital, the seed was financed by Kingsway Capital, the Raptor Group and other prominent components of the global fintech scene.
With this huge level of investment expected to make waves across Pakistan’s digital payment landscape, SadaPay plans to use these funds for the evolution of the payment services project. To start, the company is looking to hire development professionals to join the high-level executives it recruited last year, including Jon Sheppard (former CTO Gojek’s Financial Services) and Tayseer Ali (former CFO JazzCash).
As a symbol of commitment to the country’s developing financial services, the CEO of SadaPay told the media that the company will soon be able to provide the easiest way to send money to Pakistan from anywhere in the world at competitive exchange rates. in the market. A statement from the company in this regard explained,
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.
Currently available in private beta, SadaPay is ready to break the barriers that restrict branchless banking services with the help of easy-to-manage payment methods. It will take some time for the app to become operational in local markets and almost 200,000 people are on the waiting list to get their profiles approved.
The company is expected to start public service launches after receiving a full license from the Electronic Money Institution of the State Bank of Pakistan (SBP).