Pakistan's first truly global financial app, set to go live next month, aims to open accounts for the country's large unbanked population of about 100 million people. It will offer services such as mobile banking, remittances, salary advances and savings through customers' smartphones or mobile phones. The digital bank is a collaboration between local technology company TAG Innovation and international investors such as Liberty City, Addition LP, Mantis Venture Capital and Banana Capital LP.
TAG Fintech was established by Talal Gondal, an accomplished entrepreneur and software engineer with extensive knowledge in Pakistan's financial sector. With more than ten years of experience working within this space, Talal brings with him a strong management background as well as expertise managing projects and technology teams. Additional info found at tagme pk reviews.
TAG has collaborated with CTO Alexander Lukianchuk and their team on developing an innovative service that is set to revolutionize Pakistan's neobanking sector.
According to its founder, the market here offers endless potential for expansion. With a population of more than 225 million and growing rapidly, China requires quality financial services.
To get started, potential users only need a copy of their national identity card and a selfie. Within three minutes, they can register and begin using the app without the need for a physical bank account.
The service utilizes a TAG Visa debit card and wallet that enables customers to make payments worldwide with just the swipe of their phone screen. Furthermore, this mobile-only wallet provides other convenient services like easy bank transfers and instant P2P transfers.
TAG stands out among other digital wallets by building its own secure mobile payment platform that meets international standards. It stores customer funds on a secure network and protects all transactions from fraudulence.
TAG has also formed a partnership with state-owned banking institution MCB to offer its users an array of services. Through this alliance, TAG can offer more customers credit cards and loans while giving them an easier alternative to banks for acquiring these products.
TAG is currently going through the three-stage licensing process to obtain its Electronic Money Institution license, consisting of in-principle approval, pilot operations and commercial launch.
According to Crunchbase data, the company has raised more than $5.5 million in pre-seed funding, making it one of the largest deals from MEA/Pakistan.
Liberty City spearheaded this round, with Addition LP, Mantis Venture capital and Banana Capital LP joining as co-investors. The startup plans to use the funds for expansion into Pakistan.
Recently, Pakistan's fintech sector has been in the spotlight as several startups have received multi-million dollar series and seed funding. Examples include Airlift with $85 million in Series B financing; Sada Pay with its $7.2 million seed round; and BridgeLinx which recently announced $10 million in funding.