Two fintech deals add to startup funding rush in Pakistan
Published 07 Jun,2021 via Bloomberg Technology & Innovation - A flood of overseas capital into Pakistan’s fintech startups that began during the coronavirus pandemic is continuing unabated, with two new fundraising deals announced on Monday.
Khadim Ali Shah Bukhari Securities Pvt.’s fintech trading app KTrade as well as former Morgan Stanley fund manager Omair Ansari’s early wage access platform have raised a total of $6.6 million, adding to the $19.3 million funding for the country’s startups in the first quarter of 2021.
Of that, nearly $15 million came from foreign investors, which poured a record $48 million into the sector last year, according to an April tweet by Invest2Innovate that support startups. The decrease in global air travel during Covid-19 has been an unexpected boon for startups in the South Asian nation, which has had travel advisories issued against it by many nations.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Faseeh Mangi