SimPaisa gets Rs25mln in seed funding

LAHORE: SimPaisa, the country’s first direct carrier billing company, received Rs25 million in seed funding from Sarmayacar, a syndicate of foreign investors, a statement said on Friday.

SimPaisa enables digital businesses to monetise their products by allowing their customers to make online payments using their existing SIM card balance. SimPaisa is the only payment system in Pakistan to offer the service.

“The capital raised will be used to further invest in SimPaisa, expand the merchant network and scale the operations to other countries,” the statement added.

“The payment platform through its data analytics will allow merchants to optimise conversions by providing insights that the merchants can further develop using artificial intelligence.”