Safepay, a Pakistan-based Fintech, has raised a seven-figure Seed funding round from global financial technology platform company, Stripe alongside other local and international investors.
Founded in 2019 by Ziyad Parekh and Raza Naqvi, Safepay specializes in secure payment processing for e-commerce stores in Pakistan, helping them increase checkout conversions, speed up account receivables, and streamline sales by allowing customers to pay online.
Discover all Fintech startups headquartered in Pakistan on MAGNiTT
Safepay’s vision is to accelerate the adoption of digital payments in Pakistan by targeting a wave of entrepreneurs fuelled by e-commerce.
The round comes six months after Safepay completed its acceleration as part of Y Combinator’s Summer 2020 batch.
Ziyad Parekh, Co-Founder of Safepay said, “We feel well-positioned with the right partners backing us to help build on the increasing volume of digital payments in Pakistan as well as work with other Pakistani Fintechs to further our vision. In particular, initiatives from the State Bank of Pakistan like Raast will lead to an upward trajectory towards digital payments, to which we want to contribute. We want to see the online economy of Pakistan grow and provide merchants the rights tools to achieve this”.
Noah Pepper, Stripe’s APAC Business Lead commented, “The Safepay team’s solutions will be an important contribution to the future of Pakistan’s economy. We love backing founders who really know their markets and have a vision to help local businesses. Their commitment to increasing digital payments in Pakistan will become even more vital as Pakistan continues to pursue a fully digital economy and increases its role in global trade.”
Raza Naqvi, Co-Founder of Safepay added, “The choice of backers reflects a combination of funds that already have links with other businesses in the market and that are bullish on the entrepreneurial space in Pakistan. Backing from Stripe, in particular, will provide Safepay with unique guidance towards becoming a leading technology provider, building world-class products in the context of local payments and commerce.”
Safepay will use the funds raised to focus on investing in engineering talent to increase digital payment acceptance in Pakistan beyond credit and debit cards, including mobile wallets and bank accounts. Safepay plans to use funds raised to further develop its products, expand its team, and on regulatory compliance.
Ensure you don't miss out on any breaking funding announcements from across the region by signing up for our funding alerts!