Digitalization in Pakistan is advancing at a rapid rate. One of the most developed industries in Pakistan is the Fintech industry. But what exactly is Fintech? The word itself is made up of two words, “finance” and “technology.” The Fintech industries deal with technology related to finances. Since the term itself is quite broad, it will help to give you an example. Consider this. Every time you draw cash from an ATM, used an Easypaisa service to send money to your family, or transfer money through your HBL app, then you are also using the services of the Fintech industry. In Pakistan, the Fintech industries play an active role in everyday finances. You can easily transfer money without breaking a sweat and within a moment. Within Pakistan, though we have established finance firms like Easypaisa, many new Fintech companies have joined the game, and are now openly contributing to the industry. Given below are the top startups in Pakistan that are making waves in Pakistan. Their innovative and unique problem-solving is exactly what made them stand out.
NayaPay is one of the leading Fintech startups that offer financial transactions as E-money wallet services. Using these E-money wallets, the customers can receive and send money without a hassle. One of the smartest things NayaPay offers is a Visa debit card that is not only accepted across thousands of ATMs in Pakistan but also allows their customers online, in-store and international payments. Visa debit card is also used by millions of online merchants and retailers globally.
SadaPay is different in the sense that it has no physical setup for a physical bank. This saves them a ton of extra cost, and that is why you will find their financial services very reasonable. You can easily send and receive money through their mobile app and purchase products or services. The app offers a smooth interaction with online merchants. SadaPay allows you to connect with businesses through their micro-applications.
Finja is a Lahore-based startup. They found it in 2015 with the vision of offering free digital transactions. Ever since 2015 till this year, Finja has evolved to offer financial services and digital banking projects across national and international markets. Whether it is rolling out payment types or handling business process management, there is nothing that their digital services will not cover. A few of their services are Finja Wallet, Finja Retail, CRM Solution, Digital Wallet, and Payroll Plus. These services are not too pricy and offer tons of advantages.
Tag is the revolutionary Fintech startup that is changing the way banking works in Pakistan. Tag is introducing the concept of a digital bank that will satisfy all the banking needs of the regular people in Pakistan. From making an account and using a Visa debit card to employer payrolls, salary advances, and savings, Tag has it all.
The best startups are always the ones that end up solving a problem. A while ago, in 2018, a group of Pakistani entrepreneurs researched the market to find out why most of the merchants weren’t reaching Pakistan. Their startup, Creditbook, revolves around solving this problem. The real issue was an overreliance on paper to maintain ledgers and always-running low cash flow. Creditbook solved this problem by developing a bookkeeping app for merchants enabling them to digitize their handwritten ledgers. This ended up solving a big problem that most merchants of South Asia often face.
Postex is another potential Fintech startup that has raised the seed funding of 8.6 million USD. It is an amazing startup that provides the option of upfront payments to E-commerce merchants. These upfront payments allow cash-on-delivery orders, digital payments, and delivery solutions. Through innovative solutions, Postex is actively contributing towards the growth of the E-commerce industry in Pakistan.
Oraan is another unique Fintech startup that secured funding of over 3 million USD last year. The all-female startup is focusing on including women of Pakistan in financial matters. The idea was to make the financial services as effortless to women of Pakistan as possible. Oran revolves around the idea of understanding the saving in space of the informal economy and is working on the financial mobility of regular women of Pakistan.