Pakistani fintech heats up


Lahore-based fintech Finja has raised more than $1M in a bridge seed financing round.

Finja is the brainchild of former MCB and Standard Chartered employee Qasif Shahid, entrepreneur Monis Rahman and FinSurgents consultant, Umer Munawar, who currently serve s as operations head. The start-up aims to introduce financial services through interoperable digital ecosystems in order to promote and increase financial inclusion.

“As Pakistanis continue to rapidly adopt digital mediums, there is an opportunity to transform lives by reinventing business models and removing friction through digital interventions,” said Shahid, who is the current chief executive.

Finja has raised its seed investment from Swedish investment company, Vostok Emerging Finance, which taps into frontier markets and emerging start-ups across the globe.

Vostok managing director David Nangle said that the seed fund would tap into the relatively new Pakistani fintech industry, which would continue growth through home-grown innovation and add to the strengthen of the Asian ecosystem.

“Pakistan’s growing 3G/4G enabled smartphone subscribers, supported by a progressive regulatory framework, are a game changer for providing digital services,” he said.

“We are delighted to partner with a truly world-class team.”