MyTM, the first-ever startup from Pakistan to win the Supernova pitching competition in the ‘Creative Economy’ category at GITEX Futurestars in Dubai in October 2021, revealed Thursday that it has raised $6.9 million in its seed stage.
Saudi Arabia, Canada, Mauritius, the United Kingdom, and Pakistan were among the investors. My Petroleum (My Group), 100 Ventures, Loyal VC, United Seven Hills Venture, and PEX International were among the notable investors.
MyTM also raised 30 million yen in a pre-seed round from Rentracks Japan, a Tokyo stock listed firm, in 2019. This brings the total amount raised by MyTM to $7.2 million.
CEO of MyTM, Zain Farooq, spoke at the event and remarked, “Promoting the Prime Minister’s vision of a Digital Pakistan, this Investment will enable MyTM to acquire an NBFC (non-banking financial company), hire new talent, and create a network of cash-rich agents in the country.
Additionally, MyTM will be enabling digital payments providing commerce, financial, and banking services at 6000 locations across Pakistan by Q4 of this year.”
NRSP Microfinance Bank is MyTM’s banking partner and settlement bank. Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan were significant drivers in securing this round, assisting MyTM with conceptualizing its business model, go-to-market strategy, and international validation.
Asim Shahryar Husain, CEO of Ignite, commented, “Pakistan is home to the fifth-largest youngest population in the World while having only one bank branch and one ATM for every 15,000 individuals.
Hence, it is a great growth opportunity for a fintech startup like MyTM. That is why Ignite sponsored MyTM along with some other NIC startups to connect them with potential customers and investors at GITEX 2021. It’s great to see the results of our efforts now.
Ignite will continue sponsoring NIC startups for international startup events in the future to unleash the entrepreneurial potential of Pakistan.”
The year 2021 was a watershed moment for Pakistani companies, with investment in Pakistani businesses increasing by more than fivefold over the previous year. The year 2022 looks even brighter, with an investment prediction of at least $500 million in Pakistani businesses by the end of the year.
To read our blog on “MYTM a Pakistani company won Supernova Pitch Competition at GITEX Future Stars – A Proud Moment,” click here.