Pakistani startup Finja raises $1.5 million in series A funding round
Summary
Pakistani fintech startup Finja mostly known for its mobile wallet application SimSim has closed Series A funding round of $1.5 Million USD led by Vostok Emerging Finance, the same investment company which invested in Finja as a convertible note last year. Another participant in this funding round is Gray Mackenzie Engineering Services, a Descon company.The funding announcement by Finja comes on the heels of a series of exciting news from the company and its partner, Finca Microfinance Bank. The State Bank of Pakistan awarded SimSim commercial launch go-ahead after a successful pilot lasting several months in June.According to Finja, the SimSim has been doubling its mobile wallets every month with 80,000 accounts since it went live a few months ago. All transactions through SimSim are completely free with zero transaction fees aiming to accelerate digital payments in Pakistan.In a few short months, our dream of digitizing payments in Pakistan through zero transaction fees is becoming a reality, said Qasif Shahid, CoFounder and CEO of Finja.This financing round by notable international and local investors is a strong vote of confidence for our early traction and the potential of the Pakistani market added Monis Rahman Co-Founder and Chairman of Finja.We are delighted to participate again in Finjas Series A and are very pleased with the execution of the team in this large untapped high barrier to entry market.While plenty of startups continue to emerge in Pakistani tech ecosystem only a handful are able to execute, acquire customers and raise investments to scale. Finja as a fairly new entrant in the market has set a strong footing and can serve as a guiding light for upcoming startup founders.