NayaPay receives USD 13 mln in seed round to boost Pakistan's digital payments

The seed funding brought together a series of global institutions and angel investors, including MSA Novo, Singapore-based Saison Capital, and Empower Finance’s CEO, Warren Hogarth.

NayaPay is the first institution on its kind to receive an e-money license from the central bank, State Bank of Pakistan. The fintech aims to simplify financial services and make them accessible to millions of Pakistani users across the country. It also wishes to boost digitisation, especially for the unbanked population.

According to statistics, over 50 million Pakistanis are unbanked, which makes the country a significant market opportunity for NayaPay and similar platforms. Moreover, almost USD 4 trillion worth of payments are made each year in the country, out of which only 1% are digital and, given that most of the Pakistani SMEs are unregistered and have primarily handled transactions in cash, digitisation will benefit everyone.