World-renowned venture fund, Sequoia, has made its first investment in Pakistan, joining a growing group of prominent investors who have supported start-up companies in the South Asian market during the previous 12 months.
The company Dbank, which has its headquarters in Islamabad, announced on Thursday that it has secured $17.6 million in a seed round, the highest in Pakistan. Sequoia Capital Southeast Asia, the region’s $1 billion fund, and Kleiner Perkins co-led the deal. The Pakistani company added that Brazilian neobanks Nubank, Askari Bank, and Rayn all took part in the financing.
According to co-founder Tania Aidrus in an interview with TechCrunch, Dbank is a fintech startup that aims to increase access to financial services in Pakistan in a “transparent and friendly” way by challenging the informal credit system, which frequently takes advantage of those in need by charging them exorbitant and erratic interest rates.
Dbank will make an effort to “democratise banking,” according to Johan Surani, VP at Sequoia Southeast Asia. However, the firm wants to withhold its strategy for the time being, according to Aidrus.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.