Karachi-Based fintech company NayaPay raises $13m in seed round

KARACHI: The Karachi-based fintech company NayaPay has raised $13 million in a seed round, a press release announced on Wednesday.

The central bank recently granted the first E-Money Institution (EMI) license to NayaPay. By providing a two-sided platform for the underbanked, it aims to simplify and expand access to financial services.

The round was led by Zayn Capital, global fund manager MSA Novo, and venture capital firm Graph Ventures from Silicon Valley. Aside from Lakson Group sponsors, Singapore-based Saison Capital, Waleed Saigol’s Maple Leaf Capital, and Warren Hogarth, CEO of Empower Finance, also participated in the round.

You can open a NayaPay wallet on your smartphone in minutes and use the app to make everyday payments, send and receive money, and split bills. During its private beta, the startup has built up a community of early supporters for the consumer proposition – a chat-driven app accompanied by free Visa Card and Visa Virtual cards. The business account and Visa card make it easy for merchants to accept payments and manage their finances.