Finja, a Pakistani FinTech startup has raised $1 million in a $1.5 Million bridge seed financing round led by Vostok Emerging Finance.
Founded by tech and banking industry veterans Qasif Shahid, Monis Rahman, and Umer Munawar, Finja aims to introduce innovative financial services through interoperable digital ecosystems in order to promote behavioral change and increase financial inclusion.
The startup plans to use the investment to aggressively grow in its target segments within the country. Qasif Shahid, Co-Founder, and CEO of Finja stated:
“As Pakistanis continue to rapidly adopt digital mediums, there is an opportunity to transform lives by reinventing business models and removing friction through digital interventions.”
Monis Rahman, Co-Founder and a board member of the company added:
“This initial seed financing round will enable Finja to demonstrate the power of digital-by-design financial services and is just the beginning of our journey.”
Finja has raised this hefty investment from Vostok Emerging Finance, a listed investment company on the Stockholm Stock exchange, with an aim to invest in early stage FinTech startups across emerging and frontier markets.
David Nangle, Managing Director Vostok Emerging Finance, will join Finja’s board of directors and play a key role in helping guide the company with the fund’s extensive experience in growing FinTech led initiatives in emerging markets.
“We are delighted to partner with a truly world-class team in one of the most exciting FinTech markets globally with massive untapped potential,” said David Nangle, “Pakistan’s rapidly growing 3G/4G enabled smartphone subscribers, supported by a progressive regulatory framework, are a game changer for providing digital financial services to the country’s 200 million under-banked population.”