An emerging Fintech startup in Pakistan, Taro Technologies, has secured $3.5 Million in pre-seed funding through a combination of strategic partnerships and angel investors to launch a Buy-Now, Pay-Later (BNPL) venture in Pakistan.
As part of the pre-seed round, Taro partnered with Dubai-based, Cashew Payments, to accelerate its Q1 2022 launch. Cashew Payments is one of the GCC’s leading BNPL payment providers, focused on instant point-of-sale financing for both e-commerce and in-store transactions.
CEO Taro and former Silicon Valley Apple engineer, Mustafa Khan, commented that the partnership will enable Taro to be an established player straight out of the gate, stating, “Our collaboration with Cashew provides critical insights into risk, merchant acquisition, operations, and customer retention. Those insights paired with support from their experienced and accomplished leadership team position us for a strong launch and to quickly dominate the market.”
Taro’s partnership with Cashew Payments puts the fintech company on the global tech map for online instant financing solutions.
CEO of Cashew Payments, Ammar Afif, also commented on the latest development, stating, “We are delighted to partner with Taro, in providing ‘Buy now, Pay later’ solutions for merchants and consumers in Pakistan. As we’ve grown our business in the GCC, we recognized the need for retailers in Pakistan to have a seamless way of offering flexible payment options to consumers in multiple industries. Through our partnership with Taro, all retailers in Pakistan can soon rapidly activate Taro’s installment payments for consumers across all channels online and offline.”
While the GCC has close ties with Pakistan, learnings from the GCC still need to be tailored for the Pakistani ecosystem. Based in Lahore, Taro CEO, Mustafa Khan, has been busy expanding his local network and operations.
Mustafa Khan added, “To prime our Q1 launch, we’ve also been busy on the ground in Lahore hiring a talented core team with significant fintech expertise. Along with our core team, we’ve arranged partnerships with local financial and technical firms that will ensure a strong and successful launch.”
The BNPL venture intends to help provide new forms of credit to all Pakistani citizens, especially the underbanked, while also enabling merchants to grow sales and increase their market reach.
Mustafa Khan further highlighted, “I am thrilled to be launching BNPL in Pakistan through Taro. I’ve noticed Pakistanis are eager for access to new technology that puts them in control. By offering lending services to a wider range of people, we can help provide the control and flexibility they desire.”
Over the past year, Pakistan’s e-commerce sector has seen a lot of growth, with spending reaching around $7.2 billion. Taro seeks to provide easy access to credit for all the citizens and allow increased access to e-commerce outlets. The company is looking to soon expand its operations across the country and hopes to eventually go global.
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