Smartchoice.pk is a financial comparison startup based in Karachi. The startup was founded by Sibtain Jiwani. Smartchoice has managed to secure an investment of $100,000 from Muscat-based Oman Technology Fund’s Wadi Accelerator after graduating from a ten-week accelerator program.
Smartchoice.pk enables the users to compare various financial products like loans, credit cards, insurance policies, and broadband internet packages. The aim of the startup is to facilitate the users in making informed decisions and saving money. Through the platform, users can also buy health and travel insurance online.
Sibtain Jiwani, CEO Smartchoice speaking to the local news on the occasion said that more than 70,000 people use Smartchoice every month. In the last eighteen months the platform has helped people save over $100,000 in insurance premiums.
At the moment, Smartchoice is working with 15 financial institutions in the country and presents 100 different products on its website.
Speaking about how they will be utilizing the investment, he added, “Our focus is entirely on scaling the business and that is why we are investing heavily on tech to automate policy issuance.We want to enable users to get an insurance policy for anything including health and term life online without having to go to an agent or an insurance company’s office. Additionally, introducing our services to consumers looking for such products digitally is key as it is still not common in Pakistan’s e-commerce sector.”
Speaking on the occasion Oman Technology Fund Investment Manager Charles Ludwig said, “Smartchoice secured investment from our fund through an unforgiving and rigorous process. A combination of the founders’ grit and business nous and the market opportunity that Smartchoice affords are the reasons why they belong in Wadi’s portfolio. We are very optimistic about Smartchoice’s potential.”
Furthermore, Smartchoice plans to spread financial literacy among people in Pakistan through different initiatives such as Rupee Wise, a video series that shares information and tips to dilute the complexity regarding financial products.