Pakistani digital lending platform Finja has secured $9 million for its Series A1 financing, backed by existing investor BeeNext, while Mirae Asset Venture Investment is launching an India-focused venture fund.
Singapore VC BeeNext backs $9m funding in Pakistan’s Finja
Pakistani digital lending platform Finja announced that it has closed $9 million of a $10 million Series A financing round, with new investor ICU Ventures and all previous institutional investors, including Singapore venture capital firm BeeNext, participating.
The company also has the flexibility to raise an additional $1 million as part of this round, based on the terms of the financing.
Founded in 2016 by Qasif Shahid, Monis Rahman, and Umer Munawar, Finja operates lending and digital payments businesses and partners with banks, FMCGs, distributors, kiryana stores, and small businesses.
The startup targets Pakistan’s small business and consumer lending sector, a potentially $60-billion market that is only 4-per cent penetrated. Small businesses in the country have been struggling to grow due to limited availability of capital, Finja noted.
Last year, the startup clocked over 100 billion Pakistani rupees ($625 million) in transactional volume, with assets under management growing in excess of 110 per cent.
Mire Asset launches $35m India-focused VC fund
Mirae Asset Venture Investment, the venture capital arm of Seoul-based financial services firm Mirae Asset Financial Group, is launching a $35-million fund that will back Indian startups in their seed to Series A stages, according to a report by The Economic Times.
The fund – Mirae Asset Venture Opportunities Fund 1 – has an option to grow into a $75-million vehicle and will write checks ranging between $2 million to $4 million over the next 12 to 18 months. It will focus on finch, consumer internet, and software-as-a-service sectors.
Ashish Dave, who joined Mirae in 2018 and currently manages investments from the Mirae Asset-Naver Asia Growth Fund, will lead the fund independently, according to the report.
Over the past two years, Mirae has already deployed $200 million in India across Ola, BigBasket, Zomato, and Shadowfax, among others, underscoring its bullish stance on Indian technology.