Pakistan based fintech firm is all set to launch Pakistan’s first financial super app by the end of the month that will help the country’s population open digital accounts and enjoy cross-border payment facility.
The fintech startup has been authorized by the State Bank of Pakistan to operate as an EMI and is launching its pilot phase.
TAG recently closed $5.5 million in a pre-seed round led by venture capitals from the United States, including Quiet Capital Management and Liberty City Ventures. Other participants were Fatima Gobi Ventures, Unpopular Ventures as well as strategic investors like Visa and Angels Investors, the TAG chief informed. The funding round makes it the largest ever pre-seed in the Middle East, North Africa and Pakistan region.
“We are planning to launch Pakistan’s first financial super app by the end of June. Our intention is to target women and youth in the first marketing phase who don’t have access to formal bank accounts. In the next stage, TAG plans to launch Pakistan’s first digital bank, he continued, adding that his organization would operate as an electronic money institution (EMI) for now and offer relevant services to the intended target market.
“The app will enable users to open digital accounts within three minutes,” Gondal explained. “The users will then be able to make peer-to-peer transfers, dispatch money to bank accounts, pay utility bills and recharge their mobile credit. Their phone number will also be their account number.”
“We will Initially launch our services in Pakistan but offer them in the Middle East by the end of the year,” he said, adding that TAG wanted to begin the process from Saudi Arabia by hiring a local team since that was where “the highest number of expat Pakistanis live.”
“The funds will be transferred between Saudi and Pakistani TAG accounts within a minute at a very low rate,” he continued while pointing out that the facility would be offered with the help of Saudi banks.
