The State Bank of Pakistan has awarded fintech a commercial license to provide financial services via its smartphone app as an Electronic Money Institution (EMI), much to the delight of the over 500,000 individuals on its waiting list.
SadaPay’s debit cards had been highly anticipated by more than half a million individuals. The digital banking startup will now begin onboarding consumers depending on their place on the waitlist, after the big announcement of obtaining the EMI license.
As a result of its license acceptance, Sadapay is closing a $10.7 million Seed-extension. With a total capital of over $20 million, SadaPay is currently one of Pakistan’s top five most funded firms. As the company plans to raise a Series A round later this year, previous investors Recharge Capital, Kingsway Capital, and Raptor Group are all growing their holdings in the company.
SadaPay was founded by Brandon Timinsky, an American entrepreneur who relocated to Asia to seek new prospects after his previous start-up in the United States was acquired. In just two years, the firm has grown from a small team of 10 to a global corporation with 120 employees spread over nine time zones.
SadaPay takes its title from the Urdu and Arabic word “sada,” which means “simple.”
“The complexity of banking can be intimidating to the typical Pakistani,” Mr. Timinsky says, “therefore our objective is to make money so simple that any other method becomes unthinkable.”
It’s simple to get a SadaPay account. Simply go to SadaPay’s website and fill out the required information, then sit back and relax while SadaPay sorts out the details and welcomes you to its growing family.
By utilizing modern technology and avoiding the significant costs of managing physical infrastructure, SadaPay can pass on its cost savings to clients to provide free financial services.
“Think of it as a ‘freemium model,'” Tayseer Ali, SadaPay’s CFO, explains how the firm earns money while providing free banking services. We don’t charge for the basics, but we do charge for value-added services. For instance, when we assist freelancers in accepting international payments or when we provide businesses with payroll services.”
