TAG, an Islamabad based fintech startup, raised USD 12 million in seed round co-led by Liberty City Ventures and Canaan Partners on 22 September 2021. After this round the company’s value increased to USD 100 million.
Investors: New York-based Liberty City Ventures and Canaan Partners led the latest funding round with participation from Addition LP, Mantis Venture Capital, Banana Capital, and William Hockey, the co-founder of Plaid. In addition, Polymath Digital and Khwarizmi Ventures also participated in this round.
The objectives behind the funding: The company plans to deploy current, proceed to widen its product offerings, hire talent and expand its presence.
Founded in 2020 by Talal Ahmad Gondal, Ahsan Khan, and Alexander Lukianchuk, TAG offers digital banking and financial services to users in Pakistan. It provides a variety of B2C services, such as paying others online and top-up utility bills available to any user in Pakistan who subscribes to the platform. TAG’s mobile application enables its users to open mobile wallets and get debit cards.
What the Founder has to say:
TAG Founder and CEO Talal Ahmad Gondal said, “the current demand has exceeded the company’s initial expectations. Other than many retail customers still on the waiting list, we have also been approached by several organizations to digitize its payroll system that has been dealing in cash until now.” “We are trying to become both Revolut and Paytm in Pakistan,” he added. “We eventually want to offer the complete set of banking and financial services to users in Pakistan,” he further added.
What the Investor has to say:
“Liberty City Ventures is proud to support a visionary leader like Talal in his efforts to expand financial inclusion for the underserved and underbanked,” said Murtaza Akbar, managing partner at Liberty City Ventures, in a statement. “We expect the world-class team he has assembled at TAG to build a regional fintech powerhouse.”
Covid-19 pandemic accelerated the adoption of mobile and internet banking by consumers. Roshan Digital Account initiative is a landmark initiative in Digital banking in Pakistan. Cellular subscribers in Pakistan reached the 183 million mark in 2021. All this will benefit the startups like TAG.
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