MyTM, a fintech startup located in Pakistan, has raised $6.9 million in its seed round, bringing its total funding to $7.2 million.
“This investment would enable MyTM to acquire an NBFC (non-banking financial firm), engage new talent, and build a network of cash-rich agents throughout Pakistan, advancing the Prime Minister’s goal of a Digital Pakistan. By the fourth quarter of this year, MyTM will have enabled digital payments at 6000 sites across Pakistan, delivering commerce, financial, and banking services “Zain Farooq, CEO of MyTM, stated.
NRSP Microfinance Bank is MyTM’s banking partner and settlement bank. Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan were significant drivers in securing this round, assisting MyTM with conceptualizing its business model, go-to-market strategy, and international validation.
According to Asim Shahryar Husain, CEO of Ignite, Pakistan has the world’s fifth-largest young population, but only one bank branch and one ATM for every 15,000 people. As a result, it’s a fantastic growth potential for a financial company like MyTM. That is why, at GITEX 2021, Ignite supported MyTM and a few other NIC companies to link them with potential consumers and investors. It’s wonderful to witness the fruits of our labors today. In the future, Ignite will continue to support NIC companies at international startup events to unleash Pakistan’s entrepreneurial potential.
Image Credit: MyTM