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Thursday, September 29, 2022

MyTM, the First Islamic Fintech of Pakistan, Raises $7.2 Million Funding

MyTM is the First Islamic Fintech of Pakistan becomes the first-ever startup from Pakistan to win the Supernova pitching competition in the ‘Creative Economy’ category at GITEX Futurestars in Dubai in October 2021. The startup revealed that it has raised $6.9 million in its seed stage.

MyTM plans to enable digital payments and to provide commerce, financial, and banking services at 6000 locations across Pakistan by the end of this year this year. Previously other Fintech have entered the market and have raised significant amounts in the pre-seed rounds.

Pakistani fintech firm, Taro Technologies has raised $3.5 million in pre-seed capital

Saudi Arabia, Canada, Mauritius, the United Kingdom, and Pakistan are among the investors. Prior to this MyTM also raised 30 million yen in a pre-seed round from Rentracks Japan, a Tokyo stock listed firm, in 2019. This brings the total amount raised by MyTM to $7.2 million.

Pakistani Fintech startup Tag valued at $100 million in Pakistan’s largest seed round

According to the CEO of MyTM, Zain Farooq:
“Promoting the Prime Minister’s vision of a Digital Pakistan, this Investment will enable MyTM to acquire an NBFC (non-banking financial company), hire new talent, and create a network of cash-rich agents in the country. Additionally, MyTM will be enabling digital payments providing commerce, financial, and banking services at 6000 locations across Pakistan by Q4 of this year”.

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