Taro Technologies, a Lahore-based finance startup, just raised $3.5 million in a pre-seed round.
Taro’s impact grew thanks to a partnership with Cashew Payments, a Dubai-based BNPL provider that focuses on BNPL business models and is hyper-focused on speedy point-of-sale financing for e-commerce and in-store transactions.
“Our relationship with Cashew delivers crucial insights into risk, merchant acquisition, operations, and client retention,” Taro CEO Mustafa Khan said of the strategic agreement. These insights, along with the help of their experienced and capable leadership team, position us for a successful launch and rapid market supremacy.”
“We’re ecstatic to be collaborating with Taro to bring BNPL solutions to Pakistani businesses and customers.” As our business grew in the GCC, we saw a need for retailers in Pakistan to have a streamlined way of providing flexible payment options to customers in a variety of industries. “All retailers in Pakistan will be able to immediately activate Taro’s installment payments for clients across all channels, including online and offline,” says Ammar, CEO of Cashew Payments.
“We’ve also been hard at work in Lahore, hiring a professional core team with considerable fintech experience in preparation for our Q1 launch,” says the company. In addition to our core staff, we’ve created partnerships with local financial and technological groups to ensure a robust and successful launch.” Mustafa went on to say of the Q1 proceedings:
The startup’s major purpose is to give all Pakistanis new kinds of credit, helping shops to expand their sales and market reach. The company also wishes to help the underbanked with its unique product. Access to e-commerce stores has also been improved.
“I’m overjoyed to be introducing BNPL to Pakistan through Taro,” says the founder. “I’ve seen how eager Pakistanis are to get their hands on innovative technology that empowers them.” By providing finance options to a broader set of people, we can assist them to gain the power and flexibility they desire,” Mustafa added.
The company’s services are now limited to Pakistan, but it intends to expand globally soon.
Image Credit: Taro Technologies