AVN 66.93 Decreased By ▼ -0.17 (-0.25%)
BAFL 29.54 Decreased By ▼ -0.21 (-0.71%)
BOP 4.06 Decreased By ▼ -0.01 (-0.25%)
CNERGY 3.62 Decreased By ▼ -0.11 (-2.95%)
DFML 11.94 Decreased By ▼ -0.31 (-2.53%)
DGKC 43.26 Decreased By ▼ -2.10 (-4.63%)
EPCL 45.97 Decreased By ▼ -1.03 (-2.19%)
FCCL 11.81 Decreased By ▼ -0.19 (-1.58%)
FFL 5.91 Decreased By ▼ -0.04 (-0.67%)
FLYNG 6.04 Decreased By ▼ -0.14 (-2.27%)
GGL 11.41 Decreased By ▼ -0.48 (-4.04%)
HUBC 68.11 Decreased By ▼ -0.39 (-0.57%)
HUMNL 5.64 Decreased By ▼ -0.08 (-1.4%)
KAPCO 24.91 Decreased By ▼ -0.34 (-1.35%)
KEL 2.13 Decreased By ▼ -0.01 (-0.47%)
LOTCHEM 24.95 Decreased By ▼ -0.41 (-1.62%)
MLCF 24.91 Decreased By ▼ -0.79 (-3.07%)
NETSOL 75.92 Decreased By ▼ -1.88 (-2.42%)
OGDC 85.99 Decreased By ▼ -2.13 (-2.42%)
PAEL 11.11 Decreased By ▼ -0.54 (-4.64%)
PIBTL 3.99 Decreased By ▼ -0.13 (-3.16%)
PPL 66.27 Decreased By ▼ -2.44 (-3.55%)
PRL 12.92 Decreased By ▼ -0.33 (-2.49%)
SILK 0.87 Decreased By ▼ -0.01 (-1.14%)
SNGP 40.72 Decreased By ▼ -0.98 (-2.35%)
TELE 7.57 Decreased By ▼ -0.40 (-5.02%)
TPLP 15.05 Decreased By ▼ -0.37 (-2.4%)
TRG 110.33 Decreased By ▼ -2.23 (-1.98%)
UNITY 13.52 Decreased By ▼ -0.58 (-4.11%)
WTL 1.21 Decreased By ▼ -0.02 (-1.63%)
BR100 4,084 Increased By 3.2 (0.08%)
BR30 14,651 Increased By 19.9 (0.14%)
KSE100 40,428 Increased By 51.8 (0.13%)
KSE30 14,904 Decreased By -12 (-0.08%)
Follow us

Pakistan's fintech Oraan has raised $3 million in the largest seed funding closed by a local women-led startup, announced the company on Monday.

The financing round was co-led by Zayn Capital and Wavemaker Partners, with participation from Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global, Plug and Play, and notable angels like Claire Diaz-Ortiz, a former partner at Magma Partners, who has also come on board as an advisor to the company.

Previously, Oraan, which has positioned itself as Pakistan’s first gender-inclusive fintech, raised financing from Tharros, Zayn Capital, an angel syndicate led by Google executives, and Graph Ventures, bringing its total funding raised to just over $4 million.

The latest round of funding will be used to accelerate Oraan’s expansion into other products with its user base.

An interview with the co-founders of Oraan Tech Pvt. Ltd.

Founded in 2018 by Halima Iqbal, a former investment banker, Oraan designs products and services around credit, insurance, and savings in Pakistan – home to 5% of the world’s unbanked female population.

“Oraan was founded when we realised that the large majority of the Pakistani population struggles to access financial services simply because they are not designed for them,” said Halima Iqbal, CEO and founder at Oraan, in a statement.

“While there is a demand among women for credit, insurance and savings services, they are unable to approach financial institutions due to mistrust, complexity of products and challenges around mobility.”

Oraan Committees, the startup’s flagship product, is the digital reimagination of Rotating Saving and Credit Associations (‘ROSCAs’), an age-old method of group saving and credit. ROSCAs are known as committees in Pakistan and used by 41% of the Pakistani population, with up to $5 billion rotating annually.

Using the Oraan app, Oraan Savers are able to sign up for committees that suit their needs and allow them to save with groups beyond their immediate geographical and social networks.

"Having been involved with Oraan since early 2020, we are excited to co-lead Oraan's latest funding round to help promulgate indigenous finance across Pakistan and in the region,” said Faisal Chowdry, GP at Zayn Capital.

Pakistan's edtech startup Maqsad raises $2.1 million in pre-seed funding

Minister for Planning, Development and Special Initiatives Asad Umar hailed the development.

“Great to see Pakistani women also making their mark in the startup space. Initiatives like Oraan, which improve financial inclusiveness for women would make a great impact on key strategic objectives like women empowerment and increasing savings rate," said Federal Minister Asad Umar in a tweet post.

At present, Oraan boasts a community of over 10,000 savers, 84% of whom are women, from across 170-plus cities.

Pakistan's startup scene is on a high these days with several companies announcing sizable funding from both series and seed funding rounds.

Just days ago, BridgeLinx, the Lahore-based digital freight platform managed to raise $10 million, the country's largest seed capital investment that beat the previous $7.2 million raised by Sada Pay earlier this year.

Last month, Airlift, a transportation platform, announced it secured $85 million in the largest Series B financing in Pakistan’s startup history.

Based on Emerging Venture Markets (EVM) E-commerce Venture Investment Report by Magnitt, Pakistan's ecommerce startups in just the first half of 2021 raised double the capital they did in FY2020, accounting for 17% of funding deployed across Emerging Venture Markets.


Comments are closed.

Pakistan’s fintech Oraan raises $3m

Austerity measures: MoF links Q4 releases with surrender of 5pc non-ERE funds

Govt to approve amendments to MA, PPA and NA of Uch Power

Punjab elections: SCBA demands ECP withdraw notification

Govt calls for grand national dialogue

Likely hike in policy rate: T-bills RoR soars to 22pc

No requirement in Pakistan programme that interferes with polls: IMF

Clearance of SME Bank depositors’ liabilities: Rs5.557bn savings from closed ADB FMGP project loan to be used

Flood victims: Biden expresses ‘solidarity’ with Pakistan

Pakistan Day: 135 Pakistanis, foreign nationals given civilian awards

Linkage of smuggling cases with terrorist financing: FBR issues ‘Red Alerts Check List’ for CTD