Islamabad-based fintech Mark has concluded $5.5 million dollars in a pre-seed round directed by the United States VCs Quiet Capital and Liberty City Ventures. It briefed Pakistan Tech News today. The round also involved the engagement of Fatima Gobi Volunteer, Unknown Volunteers as well as local investors like Visa and angels involving general colleagues of Andreessen Horowitz, Canaan Partners, Khosla Ventures and Mercury CEO Immad Akhund. The Pakistani fintech was also received to connect Y Collaboration summer 2021 batch.
As per our data, it is the biggest pre-seed ever in the Gulf, North Africa and Pakistan. Egyptian fintech Telda quickly maintains the data for a few weeks after increasing 5 million dollars in a pre-seed previous month.
Initiated by Talal Ahmad Gondal, Ahsan Khan, and Alexander Lukianchuk in 2020, Tag plans to establish the first digital retail bank of Pakistan and beginning with a private beta of its monetary super app that will be started within the next few weeks. The app will empower the customer to open bank accounts by fully digital on boarding and form peer-to-peer moves to other customers on Tag or any bank account in Pakistan, pay utility bills, renew mobile load.
The users will also get a Visa-powered debit card that can be utilized for cash withdrawals or online/offline payments at assisted merchants. The startup had obtained in-principle consent from the State Bank of Pakistan and is in the process of receiving its nod to start its pilot.
CEO of Tag speaking to Pakistan Tech News described that a large number of people in Pakistan keeps un-banked including youngsters and women of the country. We are making Tag to attract these and many other undeterred segments into the investment ecosystem of the country. We are very delighted to have obtained the backing of some of the best foreign investors and tactical players to establish the future of banking in Pakistan.
He also stated that they are initiating with mobile banking result but need to enlarge into more utilized cases for different user department in the country. Tag also desires to investigate the option of developing to some other huge markets of the Middle East & North Africa along with cooperation but for now, concentrating completely on Pakistan.
Its creators approach with the great experience of operating with/for startups and VC organization. Talal already organizes different functional and investment principles and different operational and investment roles at technology and financing organizations across Europe for over seven years. He was mostly with Amazon main company’s VC team for EMEA. Tag CTO Alexander Lukianchuk was already guiding an engineering team at European neobank N26 and has over fifteen years of experience in establishing products and services for the investment industry which involve guiding an engineering team at N twenty-six. Ahsan Khan was a financing treasurer with Deutsche Bank.
The fintech currently has a team of over thirty workers with most of them employing accidentally from Europe. It contains the former engineers and designers of Google, Twilio, N Twenty-six, and some other heading technology companies.
Tag plans to utilize the funding to invest in its trade launch, improve its technology and operations teams, and observe with regulatory requirements.