The annual Karandaaz Fintech Disrupt Challenge took place for the third time in Pakistan. The challenge is supported by the Bill & Melinda Gates Foundation and is aimed at supporting the FinTech sector in Pakistan and provides seed money to the most promising innovative responses for removing bottlenecks in Pakistan’s financial services sector.
This time around, Karandaaz had invited FinTechs to design and present solutions in nine thematic areas including payments, interoperability, consumer/retail banking, regtech, insurtech, mobile wallets, loyalty programs, lending and savings.
The final pitch round was held at the Hive in Karachi where 16 startups presented their ideas and the judges’ panel comprised of Khurram Zafar, Director 47 ventures; Rabeel Warraich, Founder and CEO, Sarmayacar; Sameer Chishty, Venture Partner, SparksLab Global; Shahid Mustafa, President and CEO, Telenor Microfinance Bank; and Dr. Ayseha K. Khan, Country Director, Acumen.
Matilda Solutions, Love for Data, and AgriMart came out as the winners of the third edition of the Karandaaz Fintech Disrupt Challenge. Each of the winners received a funding up to $100,000 from Karandaaz to implement their ideas.
CEO Karandaaz Pakistan Ali Sarfraz said speaking on the occasion said, “I extend my heartiest felicitations to the winning teams of this years’ disrupt challenge and hope that they and many others who were part of the acceleration program for FinTechs that Karandaaz ran with its partner, FinTech Factory, will be able to break the glass ceilings and expand their startups way and beyond. This new breed of startups trying to disrupt the financial technology space in Pakistan will go a long way in transforming the country’s financial service landscape and usher in greater inclusion and convenience for underserved communities.”