The Islamabad-based fintech startup SadaPay has secured $7.2 million in seed-round funding, led by a New York-based firm Recharge Capital, and the investment is being hailed as Pakistan’s largest seed-round secured by any local startup.
Besides Recharge Capital, the seed was bankrolled by Kingsway Capital, the Raptor Group, and other prominent constituents of the global fintech backdrop.
With this massive level of investment expected to make waves across Pakistan’s digital payment landscape, SadaPay plans to use these funds for the evolution of the payment services’ blueprint. For starters, the company is looking to hire professionals to help with the development to join the top-notch executives that it had recruited last year, including Jon Sheppard (former-CTO Gojek’s Financial Services) and Tayseer Ali (former-CFO JazzCash).
As a token of commitment to the country’s developing financial services, the CEO of SadaPay told the media that the company will soon be able to provide the easiest way to send money to Pakistan from anywhere in the world with market-competitive exchange rates. A statement by the company in this regard explained,
Since SadaPay does not bear the high costs of managing the physical infrastructure of traditional banks, it passes those savings to its customers in the form of free financial services. The company will generate revenues from premium product offerings such as merchant services and remittances.
Currently available in private beta, SadaPay is poised to break the barriers that restrict branchless banking with the help of easy-to-manage payment methods. It will take some time for the app to become operational in the local markets, and almost 200,000 people are on the waitlist to get their profiles approved.
The company is expected to begin the public rollouts of the service after receiving a full Electronic Money Institution license from the State Bank of Pakistan (SBP).