The platform said in a news statement that the money will “advance its purpose of providing financial health to Pakistan’s underbanked populations – both people and companies.”
Technology businesses known as embedded finance companies provide typical banking services to the product lineup of non-financial organizations.
Nadeem Shaikh, Vladimira Briestenska, and Naeem Zamindar are the cofounders of Neem.
According to the press release, participants in the seed funding round included SparkLabs Fintech, Arif Habib Ltd, Cordoba Logistics & Ventures Ltd, Taarah Ventures, My Asia VC, Concept Vines, Building Capital, partners at Outrun Ventures, and strategic angels as CSO of tech house BPC, founding partner at Mentors Fund, as well as fintech veteran and ex-CEO of Seccl.
Cofounder Shaikh gave an explanation of the company’s goals when asked about them. “The embedded finance revolution that is taking place globally in financial services is about democratization, personalization, and access to products and services at the point of experience.
At Neem, we aim to provide solutions to customers when and where they need them,” he said. Our goal at Neem is to offer consumers solutions whenever and wherever they need them.
According to the press release, Neem is a firm believer in a financial wellness model that entails giving people and businesses control over their finances through payments, meeting their needs through credit, mitigating risk through access to insurance, and granting them financial freedom through savings and investments.
A loan platform and banking as a service (BaaS) platform are the two main alternatives provided by the company’s platform. The former makes it easier for partners to integrate wallets and payments and to offer customized insurance and savings plans, whilst the latter enables partners to offer specialized loan solutions for individuals as well as micro, small, and medium-sized businesses (MSMEs).
Shahid Ali Habib, CEO of Arif Habib Limited, responded to the news by saying, “We are particularly delighted about our investment in Neem, which aims to change the nation’s financial environment.
“We strongly believe in Neem’s ability as a leading embedded finance platform to drive financial inclusion in Pakistan which aligns well with the core values of Arif Habib Group.”
To read our blog on “Pakistan’s ezWiFi has received a six-figure pre-seed investment,” click here.
