Taro Technologies, a Lahore-based fintech startup, recently received $3.5 million in pre-seed funding from a number of partnerships and angel investors. Taro accelerated its influence with a relationship with Dubai-based BNPL suppliers hyper-focused on quick point-of-sale financing for e-commerce and in-store transactions called Cashew Payments, which focuses on a Buy-Now, Pay Later business model.
Mustafa Khan, the CEO of Taro and a former Apple engineer, said the following about the strategic partnership:
“Our collaboration with Cashew provides critical insights into risk, merchant acquisition, operations, and customer retention. Those insights paired with support from their experienced and accomplished leadership team position us for a strong launch and to quickly dominate the market.”
CEO of Cashew Payments, Ammar Afif, stated the following:
“We are delighted to partner with Taro, in providing ‘Buy now, Pay later’ solutions for merchants and consumers in Pakistan. As we’ve grown our business in the GCC, we recognized the need for retailers in Pakistan to have a seamless way of offering flexible payment options to consumers in multiple industries. Through our partnership with Taro, all retailers in Pakistan can soon rapidly activate Taro’s installment payments for consumers across all channels online and offline.”
Mustafa further added in regards to the Q1 proceedings:
“To prime our Q1 launch, we’ve also been busy on the ground in Lahore hiring a talented core team with significant fintech expertise. Along with our core team, we’ve arranged partnerships with local financial and technical firms that will ensure a strong and successful launch.”
The startup’s main goal is to provide new forms of credit to all Pakistanis, allowing retailers to increase their sales and overall market reach. Through their unique offering, the business also wants to provide the underbanked. Increased access to e-commerce shops is also part of this.
Mustafa further stated the following:
“I am thrilled to be launching BNPL in Pakistan through Taro. I’ve noticed Pakistanis are eager for access to new technology that puts them in control. By offering lending services to a wider range of people, we can help provide the control and flexibility they desire.”
Currently, the company’s services are limited to Pakistan, but it plans to expand globally in the near future.
To read our blog on “PostEx a Pakistani FinTech and Logistics firm has raised $8.6 million in a seed round,” click here.
