The most exciting venture fund in the world, Sequoia, has made its first investment in Pakistan and is mentioned among prominent investors who have outperformed start-up companies in the South Asian market in the last 12 months.
The Islamabad-based company Dbank recently announced that $17.6 million had been secured in a seed round, making it the largest in Pakistan. Sequoia Capital Southeast Asia, which recently revealed a $1 billion fund, and Kleiner Perkins co-led the deal. According to the Pakistani startup, Rayn, Askari Bank, and Brazil’s Neobank Nubank also took part in the financing.
Dbank has hired a fintech company that will work to expand the availability of financial services while maintaining Pakistan’s reputation for openness and friendliness.
Nearly 220 million individuals in Pakistan, or 50% of the total population, do not have bank accounts. According to Aidrus, they want their customers to be in charge of their finances and to make wise decisions.
The State Bank of Pakistan has recently given the country possibilities and introduced contemporary payment methods in an effort to boost financial participation.
Additionally created are Raast, a real-time payment system for quick transactions, and Nadra, a digital recognition platform.
The fundamental building blocks for a business like Dbank are now in place, including Raast, the real-time payment system created by SBP and supported by digital identification through NADRA.
The Pan-Islamic world is planning to build a customer-centric digital back, with Pakistan as the first country.
Pakistan, the fifth most populated country in the world, has the fastest-growing middle class and is expanding with sophisticated banking demands. This demonstrates the exceptional potential indications for having a sizable, customer-focused bank serving millions of customers.
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