Home Business Pakistani Digital Lending Fintech Finja Closes $9 Million in $10 Million Series...

Pakistani Digital Lending Fintech Finja Closes $9 Million in $10 Million Series A1 Round

From L to R: Finja Co-Founders Qasif Shahid, Umer Munawar, and Monis Rahman

LAHORE — December 29, 2020: Finja, Pakistan’s leading digital lending platform, announced today that it has closed $9 Million of a $10 Million Series A1 financing round. This latest round brings in new investor ICU Ventures, with all previous institutional investors participating again including BeeNext, Vostok Emerging Finance, Quona Capital and Gray MacKenzie Engineering Services (a Descon company). Under the terms of the financing, the company has the flexibility to raise an additional $1 Million as a part of this round.

Finja subsidiaries operate under dual licensing regimes of the State Bank of Pakistan (SBP) and the Securities & Exchange Commission of Pakistan (SECP) for its lending and digital payments businesses. With this first-of-its-kind support from both regulators, Finja has forged digital partnerships with banks, FMCGs, distributors, kiryana stores and small businesses. The company has clocked over Rs. 100 Billion in transactional volume with its assets under management growing in excess of 110% during the pandemic year.

Supported by the credit books of its partner banks, Finja has disbursed over 50,000 unsecured digitally scored Islamic and conventional loans to businesses and salaried individuals. Small business and consumer lending represents a Rs. 10 Trillion (USD $60 Billion) market in Pakistan of which less than 4% is currently penetrated. As a result of
this sector being neglected, small businesses have largely struggled to grow due to unavailability of capital.

‘‘With this new capital injection along with our strong partnerships with SECP, SBP, banks, FMCGs, distributors and so many other parts of the supply-chain and payment ecosystem, we are fully equipped and supported by the industry to rapidly scale to create unprecedented impact.” said Qasif Shahid, Finja’s Co-Founder and CEO. Qasif previously launched mobile banking products in Singapore, East Africa, UAE and Pakistan.

Finja’s Co-Founder and Chairman Monis Rahman added, “We are excited to scale our efforts to help small businesses and consumers reach their goals with dignity. We are grateful for the support of some of the world’s best fintech funds which have invested in Pakistan for the first time through Finja.” Monis is one of Pakistan’s digital pioneers and runs Rozee.pk, Pakistan’s largest jobs platform.

Must Read

  Zameen.com and Bank Alfalah sign MOU to promote construction and housing sector   Lahore: In line with the vision of the Government of Pakistan & the...

Eighteen signs renowned actor AdnanSiddiqui as brand ambassador Renowned actor AdnanSiddiqui at Eighteen head office for signing as the Brand Ambassador Islamabad: Eighteen, the luxury real...

Cinepax and Galaxy Racer launch the first ever Pak vs. India Fortnite Gaming Tournament with the biggest prize pool in the region of $10,000!! The...

PepsiCo kicks off the largest plastic waste collection and recycling initiative under the Prime Minister’s Clean Green Pakistan Program

Islamabad: PepsiCo Pakistan has kicked off the largest plastic waste collection and recycling initiative in Pakistan under the Clean, Green Pakistan program. The announcement...

realme will be one of the first smartphone brands to release a flagship equipped with MediaTek’s Dimensity 1200, bringing a leap-forward 5G experience On the...