The Pakistan-based FinTech and hybrid financial solutions provider MyTM has successfully raised $6.9M in SEED financing to serve the banked, underbanked, and unbanked segments of Pakistan.
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Pakistan-based FinTech and alternative payment & financial solutions provider MyTM has successfully raised $6.9M in funding after becoming the first-ever company from Pakistan to win at GITEX 2021 held in Dubai, in the ‘Best Creative Economy’ category. The SEED financing recorded participation from notable investors from Saudi Arabia, Canada, Mauritius, the UK, and Pakistan including My Petroleum (My Group), 100-Ventures making its debut investment in Pakistan, Loyal VC, United-Seven Hills Venture, and PEX International. This makes the total funding raised by MyTM to date $7.2M.
MyTM empowers retailers and merchants by providing them a one-stop solution to cater to the financial needs of the banked, unbanked, and under-banked simultaneously. The customer does not need an android phone or a prepaid digital account in order to pay their bills, buy intercity tickets or apply and repay for loans at MyTM-enabled outlets. The Pakistan-based FinTech has introduced a hybrid model in this space, where cash-based and cashless transactions can be carried out simultaneously.
As recorded in our Pakistan 2022 Venture Investment Report, the FinTech space raised the highest number of deals over 2021 to observe more than 2,500% YoY increase in capital investment. As the rapid digitization of Pakistan fuels digital solutions on the E-commerce front like B2B marketplaces Bazaar and Tazah Technologies, and on the on-demand delivery front with Pakistan’s Airlift closing the highest funding round in a Pakistan-based startup to date, the FinTech sector is also taking off to set the infrastructures of new-age facilitated payment. Over the past year, FinTech TAG has raised major rounds to become the trusted partner for corporate payroll and issuance of Tag physical and virtual cards, while posted supports E-commerce platforms with Cash-before-delivery along with its last-mile logistics solutions. Over the past year, we have also marked great interest in financial inclusivity for SMEs and commercial segments alike, with startups like CreditBook and DigiKhatta helping SMEs digitize their cashflow directories, and most recently, NayaPay has secured $13M in its latest SEED round to create a seamless digital wallet and p2p payment platform available for the masses.
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MyTM is solving the problem of limited access to financing, banking, and commerce services to the working populations and SME/retailers. MyTM believes in the power of taking banking, financial, and commerce services to the vast majority in real-time. Founder and CEO Zain Farooq highlighted in conversation with MAGNiTT, "Pakistan is home to the third-largest youngest population in the World (119+ million) and with 188 million teledensity and internet access available to 107 million; the market to cover is huge. Only 23% of the population has formal access to financing. We are trying to bridge this gap. We are especially concentrating on women's access to financing and banking services as well which stands at only 7%."
MyTM has secured strategic partnerships, including its banking and settlement partner NRSP Microfinance Bank, to power its growth journey. To secure this round, local Incubation centers including Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan have been the key drivers to help MyTM strategize their business plan, Go to market strategy, and validation internationally. Promoting the Prime minister’s Vision of Digital Pakistan, This Investment will enable MyTM to acquire an NBFC, 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 by Q4 2022.
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