The largest seed fundraising round ever in Pakistan was raised by Pakistani FinTech firm Dbank, who raised $17.6 million. Dbank is developing an ethical banking-based, user-centric digital banking system. The business also has plans to soon increase the number of nations where it offers its services. The round was co-led by Kleiner Perkins and Sequoia Southeast Asia. Sequoia has never before made an investment in a Pakistani business. However, Rayn, Nubank, and Askari Bank also took part in the round.
According to the survey, Pakistan, the fifth most populated country in the world, has a rapidly expanding middle class with increasingly sophisticated banking needs. “This indicates a rare chance to create a sizable, customer-focused bank for millions of people.
According to Dbank Co-Founder Tania Aidrus, FinTech will compete with Pakistan’s frequently exploitative informal lending sector to increase the accessibility of financial services in a “transparent and welcoming” manner.
Dbank is involved in government-sponsored programmes to update the nation’s payment system in order to broaden financial inclusion. Pakistan, for instance, created NADRA, a platform for digital identity, and Raast, a real-time payments system for quick digital transactions.
According to Dbank Co-Founder Khurram Jamali in the paper, “We have seen the multiplier effect that digital public infrastructure can have on the private sector’s ability to assist shift economies from cash to digital.”
Dbank has also sought for the new digital banking licence from Pakistan’s central bank.