Pakistan’s Sadapay raises $10.7m to launch financial services

A Pakistan-based fintech startup, SadaPay, has raised a $10.7M round to expand its team and launch services.

The startup’s Founder, Brandon Timinsky, confirmed the development, in a press release on Friday.

The round comes as an extension of its March 2021 seed round, initially recorded at $7.2 million.

Returning investors in the round include US-based Recharge Capital, Raptor Group, and London’s Kingsway Capital.

Ripples Nigeria gathered that the startup was founded in 2018 with the aim to dissolve the intimidation factor that exists in Pakistan’s unbanked population.

According to the press release, the country’s unbanked population stands at approximately 100 million adults, going on to describe it as the world’s third largest unbanked population.

Read also: Pakistan’s ecommerce startup, Zaraye, raises $2.1M seed round

Speaking on the bottlenecks in Pakistani financial ecosystem, Timinsky said:

“The complexities of banking can be intimidating to the average Pakistani, so our mission is to make money so simple that any other way would become unthinkable.”

The startup is expected to use the seed extension to rollout its offerings while leveraging tech to remove the high costs of managing the physical infrastructure of a traditional bank.

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