Pakistan based Fintech Safepay has reportedly acquired seed funding from global financial technology company Stripe.
Safepay hasn’t disclosed the quantity it has acquired but claims that it’s a seven-figure (USD) amount. Other local and international investors also took part in the Pakistan-based fintech firm’s investment round.
the round includes contributions from Global Founders Capital, HOF Capital, Soma Capital, Mantis Capital. Fatima Gobi Ventures participated in the round as well. Safepay’s seed round has been finalized after the firm recently graduated from Y Combinator’s Summer 2020 batch.
Safepay Co-founder Ziyad Parekh stated:
“We want to work [to] improve digital payment infrastructure in Pakistan [and] to decrease the reliance on cash and other OTC transactions, regardless if this is in a business-to-customer, business-to-business or government-person context. We feel we are in a strong position to develop innovative payment solutions to facilitate such transactions. Our ultimate goal is to increase the size of the online economy in Pakistan.”
Noah Pepper, Business Lead for the APAC region at Stripe, remarked:
“The Safepay team’s solutions will be an important contribution to the future of Pakistan’s economy. We love backing founders who really know their markets and have the vision to help local businesses. Their commitment to increase digital payments in Pakistan will become even more vital as Pakistan continues to pursue a fully digital economy and increases its role in global trade.”
Raza Naqvi, Co-founder at Safepay, noted:
“The choice of backers reflects a combination of funds that already have links with other businesses in the market and that are bullish on the entrepreneurial space in Pakistan. Backing from Stripe, in particular, will provide us with unique guidance towards becoming a leading technology provider, building world-class products in the context of local payments and commerce.”
