More than half a million people had been eagerly waiting for SadaPay to roll out their debit cards. With the huge news of acquiring the EMI license, the digital banking company will now begin onboarding users based on their position on the waitlist.
The fintech has been granted a commercial license by the State Bank of Pakistan to supply financial services through its smartphone app as an Electronic Money Institution (EMI), much to the delight of the over 500,000 people on its waiting list.
More than half a million people had been eagerly waiting for SadaPay to roll out their debit cards. With the huge news of acquiring the EMI license, the digital banking company will now begin onboarding users based on their position on the waitlist.
Sadapay is closing a $10.7 million Seed-extension as a result of its license approval. SadaPay is now one of Pakistan’s top five most funded startups, with a total capital of over $20 million. Prior investors Recharge Capital, Kingsway Capital, and Raptor Group are all increasing their stakes in the firm as it prepares to raise a Series A round later this year.
Brandon Timinsky, an American entrepreneur who moved to Asia to explore new opportunities after his last start-up in the United States was bought, launched SadaPay. The company has evolved from a modest team of ten to a global corporation with 120 personnel spread across nine time zones within two years.
SadaPay’s name is derived from the Urdu and Arabic word “sada,” which means “simple.”
Mr. Timinsky believes, “The complexities of banking can be intimidating to the average Pakistani, so our mission is to make money so simple that any other way would become unthinkable.”
Opening a SadaPay account is simple, and we strongly suggest you to do so as soon as possible because their debit cards will begin rolling out soon.
All you have to do is go to SadaPay’s website and put in your essential information, then sit back and relax as SadaPay works out the details and welcomes you into its growing family.
SadaPay is able to pass on its cost savings to customers in an endeavor to provide free financial services by utilizing contemporary technology and avoiding the significant costs of operating physical infrastructure, as traditional banks do.
Tayseer Ali, SadaPay’s CFO, explains how the company makes money despite offering free financial services, “Think of it as a ‘freemium model.’ The basics are free, but we make revenue from value-added services. For example, when we help freelancers accept international payments or offer payroll services to businesses.”
This news was originally published by Mashable Pakistan.