Backed by investors including Planet N, Flourish Ventures, and Accion, Tez reportedly became the first fintech in Pakistan to be granted a Non-Bank Financial Company (NBFC) license in 2018 and ever since has carved out a specialised niche in the consumer lending space providing nano-loans to the unbanked and underbanked masses across 160+ cities in Pakistan. Through this acquisition, ZoodPay is positioning itself as a new player in the digital lending and fintech industry in Pakistan.
In the absence of credit histories and credible data, conventional players have been unable to assess risk, deterring their interest in serving the masses – resultantly, less than 5% of individuals in Pakistan have access to formal credit. ZoodPay aims to address this problem by leveraging its holistic B2B2C digital-lending ecosystem.
The Chairman of Tez said that ‘the Pakistani startup ecosystem has hit its inflection point. In addition to sizable fundraises, acquisitions of local players by international players are starting to take place. This further validates the global value Pakistani startups are creating. Planet N was one of the first in the market to invest in startups. We are now seeing the first-mover advantage,’ the official press release concludes.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now