Pakistan’s fintech looking to digitize small stores raises funds
Published 07 Nov,2021 via Bloomberg Technology & Innovation - Udhaar Book, a Pakistani cashflow management services provider for small businesses, raised $6 million in early funding to digitize mom-and-pop stores that mostly operate using a manual register and handwritten entries.
The Karachi-based startup, whose parent is Toko Lab Inc., raised the money in seed funding from investors including Fatima Gobi Ventures, Plaid co-founder William Hockey’s Muir Capital, Tinder co-founder Justin Mateen’s JAM Fund LLC, Integra Partners and Commerce Ventures LLC.
Venture capital and private equity investors are ramping up investment in Southeast Asian nations and India. Startups in Pakistan too have seen the funding rush this year with inflows at a record about $300 million, which is more than the past six years combined, according to data from Crunchbase and Invest2Innovate.
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Faseeh Mangi - Bloomberg