Safepay hasn’t disclosed the amount it has received but claims that it’s a seven-figure (USD) amount. Other local and international investors also took part in the Pakistan-based fintech firm’s investment round. As first reported by Menabytes, the round includes contributions from Germany-based Global Founders Capital (which recently made investments in Bazaar), US-based HOF Capital, Soma Capital, and Mantis Venture Capital. Pakistan’s VC Fatima Gobi Ventures participated in the round as well. Safepay’s seed round has been finalised after the firm recently graduated from Y Combinator’s Summer 2020 batch.
Safepay was established in 2019 by Raza Naqvi and Ziyad Parekh with the goal to develop virtual payments solutions for Pakistani merchants. The company had introduced a beta product in 2019 and its co-founders had been able to scale quickly to offer digital payment services to more than 300 merchants in Pakistan. The services were taken offline in 2020 as Safepay began focusing on its expansion which involves working within a framework with other partners and the State Bank of Pakistan (SBP), the nation’s reserve bank.
The platform’s services will go live as soon as the company has made the arrangements to carry out payments via the right partners and with approval from the SBP.
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