SadaPay, a fintech with 500,000 customers on its waiting list has secured a commercial licence from the State Bank of Pakistan (SBP). Separately, the startup announced that it is closing a $10.7 million seed-extension round.
According to a press release issued on Tuesday, prior backers Recharge Capital, Kingsway Capital, and Raptor Group re-upped in the round to accelerate the company’s rollout, and also in anticipation of a Series A funding later this year.
SadaPay, which started off as a digital wallet in 2019, is looking to become a Pakistani neobank.
The SBP approval allows SadaPay to deliver financial services through its smartphone app as an Electronic Money Institution (EMI). This allows it to go forward with its public rollout and onboard users in order of their waitlist position.
Founded by Brandon Timinsky, an American entrepreneur exploring opportunities in Asia following his US-based startup being acquired, SadaPay has managed to raise total funding of over $20 million to date. SadaPay expects to more than double its employee headcount to over 250 people by the end of the year.