Islamabad: We’re pleased to announce that SadaPay has raised $7.2M in seed funding to make money Sada for millions of Pakistanis 🇵🇰 This funding comes from prominent international venture capital funds including Recharge Capital, Kingsway Capital and leading angel investors like Pierpaolo Barbieri (founder of Ualá), Brian McGrath (General Partner at Ribbit Capital), and Andrew Wang (founder of Valon Technologies). We’re grateful to have found investors who believe in our mission of making money so simple, any other way becomes unthinkable.
This is a huge milestone in our journey 🎓 Since SadaPay was founded in 2019, more than 200,000 people have joined the pre-launch waitlist and the team has slowly grown to a family of 50+ Sadanauts including accomplished leadership executives like Jon Sheppard, a former CTO at Gojek (the Indonesian unicorn), and Tayseer Ali, former CFO of the bank behind Jazzcash (the largest mobile wallet in Pakistan). We have built a functional payments app (still in beta) that is connected to all the banks through 1LINK, Mastercard’s global network and Pakistan’s National Database & Registration Authority (NADRA). With SadaPay, we want to reimagine payments in Pakistan because we believe that the future of money is simple, transparent and fair 🙌
Pakistan is the 5th most populous country in the world with over 220 million people and over 70% of the population is under the age of 35. We believe that the country is on the verge of a digital revolution with nearly one million smartphones coming online every month 📱 The next few years will see a rising trend towards mobile banking and we’re excited to be a leader focused on a delightful user experience powered by technology 💪 We are also looking to build products that will simplify remittances for expats and foreign client payments for freelancers 💻
Our mobile app allows users to sign up for a wallet account in under two minutes and immediately start using a SadaPay Virtual Mastercard. SadaPay users can also order a free physical debit card that is delivered to their doorstep in 2 business days. The card also allows three free cash withdrawals per month at any ATM across Pakistan. Account-holders also get their own IBAN numbers to facilitate international remittances from top providers such as Transferwise, Remitly, and Worldremit 🌏
Since SadaPay does not bear the high costs of managing the physical infrastructure of traditional banks, we pass those savings to our uers in the form of free financial services. Our product has all the right ingredients to boost financial inclusion in a country where most Pakistanis are unbanked and lack access to modern financial services. The newly raised funding will allow us to grow our team so we can expand our list of features and stay on top of customer experience as we continue to increase our user base 📈
We are grateful to the entire SadaFam for believing in us 🙏 As we move to the next phase of our journey, we’re more committed than ever to empower our users with a powerfully simple payments experience 🚀 Thank you all for being such an integral part of our story.
SadaPay is bringing modern financial services to Pakistan in partnership with MasterCard. By removing the high costs of managing the physical infrastructure of traditional banks from the equation, we can pass those savings onto the customer to provide free financial services. Our mission is to eliminate the complexity of banking and make money so simple that any other way would become unthinkable. SadaPay is now operational and in its pilot phase under supervision of the regulator. The public rollout will begin once the pilot is completed.
SadaPay is registered in Pakistan as SadaTech Pakistan Pvt Ltd with the Securities and Exchange Commission of Pakistan (No. 0136598), and is a wholly owned subsidiary of SadaPay Technologies Ltd., registered in Dubai International Financial Center under commercial fintech license #3263
SadaPay Mastercard debit cards issued pursuant to a license by Mastercard Asia/Pacific Pte. Ltd.