Pakistan-based fintech startup Nayapay raises US $13 million in a seed round

NayaPay, a Pakistan-based fintech platform, has raised US $13 million in a seed round on 24th Feb, to support the launch of its multi-service messaging and payment app and the development of payment acceptance and financial management solutions for businesses in the South Asian country.

Zayn Capital, a London-based investment firm, MSA Novo, a global fund manager, and Graph Ventures, a Silicon Valley-based early-stage venture capital firm, led the round. Saison Capital, Waleed Saigol’s Maple Leaf Capital, Warren Hogarth, CEO Empower Finance, and sponsors from the Lakson Group — a Pakistani conglomerate – took part. The seed round is the highest in the South Asian industry, surpassing the $12 million raised by Tag, a banking and financial services platform, last year.

What the founder has to say:

According to Danish Lakhani, CEO, and founder of NayaPay, the super-app allows Pakistanis to send and receive money, split bills, and make payments from their cellphones. They’ve also released virtual and actual Visa cards linked to the NayaPay wallet, allowing customers to make POS purchases and merchants to accept payments.

NayaPay, according to Lakhani, is at the forefront of a digital payment revolution in Pakistan, a cash-heavy nation where only 1% of $4 trillion in payments are made electronically. This is a country with a population of 220 million people. But NayaPay’s ambition is much greater: to bank millions of adults who are now unbanked, with women bearing the brunt of the burden – only one in every three women has a bank account.

What the investors have to say:

“In Pakistan, we are highly positive about fintechs. Pakistani fintech has the advantage of learning from their peers and making better strategic bets because they are still in the early stages of development. We were impressed by the founders’ entire vision and their differentiated platform-based strategy, which first concentrated on serving the requirements of underbanked people and SMBs with specific use cases before expanding,” said Zayn Capital Frontier, Co-Founder and Managing Partner, Faisal Aftab.

About NayaPay:

NayaPay is the ideal wallet for all of your daily transactions. On NayaPay, it can be used to send money to friends and family for free at any time.

Entrepreneurs can use NayaPay Arc to make digital payments and manage their finances. Its platform was created with the user in mind and includes extensive on-the-ground support. We think that by assisting small businesses in harnessing the potential of technology, we can alter the Pakistani economy.

The State Bank of Pakistan has already granted NayaPay the necessary authorizations, including an E-Money Institution license.

It aims to reach 5 million users and increase the number of digital payments in the next five years, which he claims will impact other sectors such as e-commerce as more people use the NayaPay wallet to conduct online transactions.

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