Tez Financial Services, a FinTech offering financial products and services to low-end customers, has raised $1.1 million from two foreign investors.
Tez Financial Services is a Planet N Group company founded by Nadeem Hussain who is also its Chief Executive Officer, along with Naureen Hayat and Humza Hussain, with a vision ‘to provide a range of financial products straight into the hands of Pakistan’s through their mobile phones that enrich their lives’.
The company also acquired its license from the Securities & Exchange Commission of Pakistan (SECP) on Tuesday. It promises to be a fast-growing fintech offering micro-loans to the unbanked and under-banked without friction.
About Tez Financial Services
Currently, Tez Financial Services is making the strides to be a catalyst for change through an all-in-one mobile application with an end vision to make it a full stack digital bank.
The app currently offers the following features. Tez Advance offers nano-loans, based on the profile of the customer assessed through machine learning algorithms and data on their phones. Its aim is to deliver cash into your wallets within 10 minutes of making a request. Tez Financial Services also has a BIMA product integrated into the app which keeps the users protected against unforeseen financial risks in the event of hospitalization, permanent disability or death.
Unlike other financial institutions, Tez Financial Services aims to cater to the needs of the underprivileged by understanding their situation based on the data collected from their phones.
Having partnered with EFU Life, the provision of health and life loans is reliable.
With Tez Advance and Tez BIMA – Tez Financial Services is aiming to launch two more products in the near future:
- Tez Committee – usual saving schemes turned digital2. Tez Sarmaya – ‘caters to the medium-to-longer-term investment needs by providing investors with a digital investment avenue allowing smart and tailored allocation of funds based on varying investment horizons, risk appetites, and financial conditions’
You can download the Tez application for Android here.