The Islamabad based fintech startup, TAG Innovation Pvt. will begin offering financial services in Pakistan from June this year, after raising $5.5 million in pre-seed funding, Bloomberg reported.
Initially the company will launch its services with a limited number of customers and expand their operations commercially in two to three months after it gets approval from the central bank, the publication quoted Chief Executive Officer, Talal Gondal as saying.
The aim of the startup company is to have millions of customers for its digital wallets in the first few years under its electronic money institution license, said Talal Gondal.
The $5.5 million raised by the company in pre-seed funding makes it one of the fine biggest deals in the Middle East, Africa and Pakistan region, according to data from Crunchbase.
The funding round was led by Quiet Capital Management, Liberty City Ventures and Fatima Gobi Ventures.
Aside from that, TAG startup also received strategic angel investments from general partners of Andreessen Horowitz, Khosla Ventures LLC, Canaan Partners and Mercury’s Immad Akhund.
Gondal also said that his company wants to simplify the process with potential customers needing just a copy of their national identification card and a selfie. Accounts should be opened within three minutes, he added.
Last year, the startup had received a provisional electronic money institution license from the central bank, allowing basic banking services such as cash transfer, online shopping and a debit card.
Pakistan’s central bank governor Reza Baqir said in April that he welcomes “digital banks in the country, including full-fledged digital banks and smaller ones to constructively shape the industry”.
From : pk.mashable.com