In Series A Funding, Pakistani Fintech Finja Closes $1.5 Million
Finja, the Fintech behind the recently launched Mobile Wallet SimSim, today announced that it has completed a historic financing round USD 1.5 million Series A led by Vostok Emerging Finance, an investment company that is listed on the Stockholm Stock Exchange.
Gray Mackenzie Engineering Services, which is a Descon company, also participated as an investor in this financing round. This is a follow on investment by Vostok, which last year invested in a convertible bond in Finja.
The financing announcement from Finja follows a series of exciting news from the company and its partner, Finca Microfinance Bank. The State Bank of Pakistan has approved the commercial launch of SimSim following a successful pilot project, which lasted several months in June. SimSim has doubled its mobile wallet every month with 80,000 accounts since it came on the market a few months ago.
SimSim has already registered more than Rs. 1.5 billion transactions through peer to peer payments, QR codes led to commercial payments, an e-commerce market, billing and mobile recharge charges. All transactions via SimSim are completely free and without transaction fees to speed up digital payments in Pakistan.
opening a bank account in SimSim takes less than a minute with real-time verification of the NADRA and verification of artificial intelligence algorithms running on the mobile phone of the user.