Pakistan based fintech company SadaPay has secured $ 7.2 million in seed funding by New York-based Recharge Capital, an investment being termed as the largest seed round in Pakistan backed by any domestic startup.
Other participants in seed funding round include Raptor Group, Kingsway Capital, and other notable companies in the global financial technology environment.
Given that such a huge investment is expected to impact the digital payments landscape in Pakistan, SadaPay envisage to use this money to develop its payment service scheme. To begin with, the company is looking for development professionals to join the team, including John Sheppard (former CTO of Gojek Financial Services) and Tayseer Ali (former CFO of JazzCash).
In a sign of commitment to developing financial services in the country, the CEO of SadaPay told the media that the company will be able to provide the easiest way to send money to Pakistan from anywhere in the world at competitive exchange rates to the global market.
SadaPay is currently not public and operates in private beta only. The fintech startup is all set to lower the barriers which limit ease of banking with easy-to-manage payment methods.
However, It is expected that significant time will be taken before the actual product is rolled out in the market.
SadaPay was granted license by the State Bank of Pakistan at the end of 2020, where it initiated pilot operations. Currently in its pilot phase,SadaPay is offering digital payment services such as allowing users to send and receive local transfers through its Mobile App, and issuing a Mastercard debit card to its customers.
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