Pakistani startup "Finja" raises $1 million in funding for product that will replace cash

11:18 AM | 3 Aug, 2016
Pakistani startup

LAHORE - A Pakistani startup Finja, that relies on the financial technology model (Fintech) has successfully raised $1 million from Stockholm-based Vostok Emerging Finance for a product that they hope will eventually replace cash.

Founded by seasoned individuals from banking and technology Qasif Shahid, Monis Rahman, and Umer Munawar, Finja aims to introduce innovative financial services through the upcoming launch of a mobile wallet product.

The innovators behind the idea aim to overpower existing services by focusing more on price, process and functionality of the service. Moreover, zero service charges for both senders/receivers pins hope on the success of the idea.

Qasif Shahid, co-Founder and CEO of Finja stated: “As Pakistanis continue to rapidly adopt digital mediums, there is an opportunity to transform lives by reinventing business models and removing friction through digital interventions.”

Monis Rahman, Co-Founder and a board member of the company added: “This initial seed financing round will enable Finja to demonstrate the power of digital-by-design financial services and is just the beginning of our journey.”

Finja will partner with a Micro-finance bank to roll out its mobile wallet by the end of current year.