Pakistan’s MyTm, a one-stop solution to cater to the financial needs of the masses, secured $6.9 million in its seed round by investors from Saudi Arabia, Canada, Mauritius, the UK, and Pakistan.
The funding round witnessed participation from renowned investors including My Petroleum (My Group), 100 Ventures, Loyal VC, United Seven Hills Venture, and PEX International.
NRSP Microfinance Bank is the banking partner and settlement bank for MyTm. The key drivers for this funding round were Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan which helped with strategizing business plan, go-to-market strategy, and validation internationally.
“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.”
~ Asim Shahryar Husain, CEO Ignite
MyTm claims to be Pakistan’s first Islamic fintech platform. It empowers retailers and merchants by providing them with a one-stop solution to cater to the financial needs of the banked, unbanked, and under-banked simultaneously. The company works towards financial inclusion through its customer-centric approach that enables cashless and cash-based transactions through the consumer app and retail network concurrently.
Earlier in 2019, MyTm conducted a Pre-Seed round that raised 30 million Yen from Rentracks Japan, a Tokyo stock listed company. This Seed round of $6.9 million takes the total funding raised up to date to $7.2 million.
“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.”
~ Zain Farooq, CEO MyTm