Finja closes $9mln financing round

KARACHI: Finja, Pakistan’s leading digital lending platform has closed $9 million of a $10 million series A1 financing round, a statement said.

This latest round brought in a new investor, ICU Ventures. Other institutional investors include BeeNext, Vostok Emerging Finance, Quona Capital and Gray MacKenzie Engineering Services (a Descon company). Under the terms of the financing, the company has the flexibility to raise an additional $1 million as a part of this round.

Finja subsidiaries operate under dual licensing regimes of the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) for its lending and digital payments businesses.

Finja Co-Founder and CEO Qasif Shahid, ‘‘With this new capital injection along with our strong partnerships with SECP, SBP, banks, FMCGs, distributors and so many other parts of the supply-chain and payment ecosystem, we are fully equipped and supported by the industry to rapidly scale to create unprecedented impact.”

Finja’s Co-Founder and Chairman Monis Rahman added, “We are excited to scale our efforts to help small businesses and consumers reach their goals with dignity. We are grateful for the support of some of the world’s best fintech funds which have invested in Pakistan for the first time through Finja.”

The company has clocked over Rs100 billion in transactional volumes with its assets under management growing in excess of 110 percent during the pandemic year.