Tez Financial gets $1.1mln funding

KARACHI: Tez Financial Services, the first fully digital non-bank microfinance company (NBMFC) focused on serving the unbanked and underbanked in Pakistan, on Friday announced that it has raised $1.1 million in a seed round led by Omidyar Network, the impact investment firm established by Pierre Omidyar, the founder of eBay, a statement said.

Other investors on this round included Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion; and Planet N Funds will be deployed to build the company’s credit portfolio, enhance its mobile technology platform, and to meet the regulatory NBMFC requirements, it added.

Nadeem Hussain, co-founder and CEO of Tez, said: “Our aim is to become the primary financial service provider for the unbanked and underbanked.”

“Tez delivers a seamless experience for its customers, providing loans under 15 minutes, as opposed to the usual one month timeline from local commercial banks. Soon, we will be able to process a life and health insurance claim in similar time,” he added.