The Karachi-based startup, Smartchoice, has secured an investment of $100,000 from Muscat-based Oman Technology Fund’s Wadi Accelerator.
The startup managed to raise the hefty amount after graduating from a ten-week accelerator program offered by Wadi.
Smartchoice is a financial comparison platform. Founded by Sibtain Jiwani, it enables the users to compare various financial products like loans, credit cards, insurance policies, and broadband internet packages.
The platform aims to facilitate the users in making informed decisions and saving money. Users can also buy health and travel insurance online.
According to Sibtain Jiwani, the platform’s CEO and the founder, more than 70,000 people use Smartchoice every month. Moreover, the platform has helped people save over $100,000 in insurance premium in the last eighteen months.
Currently, Smartchoice is working with 15 financial institutions in the country that include insurance companies and banks. It presents information about 100 different products on its website.
Talking about how the startup intends to use the investment, Sibtain says, “Our focus is entirely on scaling the business and that is why we are investing heavily on tech to automate policy issuance.”
“We want to enable users to get an insurance policy for anything including health and term life online without having to go to an agent or an insurance company’s office. Additionally, introducing our services to consumers looking for such products digitally is key as it is still not common in Pakistan’s e-commerce sector.”
Investment Manager with Oman Technology Fund, Charles Ludwig says, “Smartchoice secured investment from our fund through an unforgiving and rigorous process. A combination of the founders’ grit and business nous and the market opportunity that Smartchoice affords are the reasons why they belong in Wadi’s portfolio. We are very optimistic about Smartchoice’s potential.”
Smartchoice also plans to spread financial literacy among people in Pakistan through different initiatives, like Rupee Wise, which is a video series that shares information and tips to dilute the complexity regarding financial products.