Banking and E-Commerce Veterans Team Up to Disrupt Status Quo
LAHORE – AUGUST 2, 2016: Finja, a FinTech startup founded by tech and banking industry veterans Qasif Shahid, Monis Rahman and Umer Munawar, announced today that is has raised $1 Million in a $1.5 Million bridge seed financing round led by Vostok Emerging Finance. Finja is the first Pakistani FinTech startup to raise seed funding from a major international venture capital fund.
Finja’s goal is to offer innovative financial services to Pakistan’s rapidly growing digitally literate population by displacing cash. The company plans to use the investment to aggressively grow in its target segments within the country.
“As Pakistanis continue to rapidly adopt digital mediums, there is an opportunity to transform lives by re-inventing business models and removing friction through digital interventions”, said Qasif Shahid, Co-Founder & CEO of Finja. “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”, added Monis Rahman, Co-Founder and a board member of the company.
Vostok Emerging Finance Managing Director, David Nangle, 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.”
Finja, a Pakistani FinTech, has a mission to introduce innovative financial services through collaborative interoperable digital ecosystems driving behavior change and increasing financial inclusion.
About Vostok Emerging Finance
Vostok Emerging Finance is a listed investment company on the Stockholm Stock exchange that has a mandate to invest in early stage fast growth FinTech (modern financial services companies) across emerging and frontier markets.