In 2021, 71 Pakistani businesses raised a total of $337 million in investment. YPay Financial Services PVT. LTD., a Karachi-based Investec firm that helps first-time investors get started investing, has secured a seven-figure pre-seed investment from US-based accelerator fund ODX for the end of 2021. (On Deck).
The Founding Director of Pakistan Fintech Network, Baqar Jafri, announced the accomplishment, stating, “YPay, an autopilot for millennial investors, raises pre-seed round from On Deck at $2 million valuation. Great things happen when regulators, mentors, and ecosystem supposrt entrepreneurs!”
According to information provided to ProPakistani, the $2 million value sale was completed fully via the internet and in less than two weeks. Around the same time, the team was interviewed and shortlisted by Y-Combinator in California.
Sarfraz Hussain and Muhammad Furqan Karim Kidwai co-founded YPay in August 2020. It is actively scaling its operations across Pakistan and aggressively hiring technologists, brand strategists, and marketers to complete its ideal team.
After graduating from the Securities and Exchange Commission of Pakistan’s (SECP) 1st Regulatory Sandbox cohort, the firm is currently in the process of going commercial.
It has partnered with more than five financial institutions while running its pilot in 2021 and is ready to go national in a few weeks.
YPay is one of the many startups that was mentored by the former President of P@SHA and founder of Nest I/O and Katalyst Labs, Jehan Ara.
“There is a major gap in financial awareness regarding investment options, especially for first-time investors,” YPay Co-Founders Sarfraz Shahid Hussain and Muhammad Furqan Karim Kidwai told ProPakistani. We at YPay Financial recognise these limitations for first-time investors, and we want to remove them so that investing applications like YPay Financial may be used more widely.”
YPay is now housed in the National Incubation Center in Karachi, and is led by Project Director Omar Abedin. Abedin has worked for companies such as Philips, Reckitt Benckiser, Johnson & Johnson, Careem, Graana, and many more over his 25-year career. Omar continues to prioritise innovation, data-driven decision-making, team development, and a commitment to building strong businesses.
YPay is a mobile app that allows ordinary people to invest in mutual funds online. Its goal is to help Pakistanis build a digital future by assisting them in making wise financial investments and tracking their present financial data.
The major goal of YPay is to increase financial literacy, bridge the gap between Pakistani youth and the capital market, encourage a savings culture, and give a way to participate in mutual funds through the app.
YPay makes investing in solutions simple, with no paperwork, free financial advice, and investment returns available at any moment.
According to Invest2Innovate co-founder Kalsoom Lakhani, the year has been excellent for businesses, with three times the financing received in comparison to both 2019 and 2020 combined. YPay’s recent pre-seed investment is a positive step toward a financially stable Pakistan for fintech firms.