Lahore-based fintech startup Finja has raised $9 million for its digital lending platform. The investment came from the investors including BeeNext, Vostok Emerging, ICU Ventures, Vostok Emerging Finance, Quona Capital, and Gray MacKenzie Engineering Services.
Founded in 2016, Finja is a new age financial services platform for professionals, merchants (Karyana shops) and SME businesses. The startup addresses their payments, collections and credit needs. Finja holds a unique position in the value chain enabling all actors in the eco-system to interact digitally. The tech veterans; Qasif Shahid, Monis Rahman, and Umer Munawar, started Finja as a mobile wallet but with a passage of time, it evolved into a digital lending.
Lahore Based Fintech Startup ‘Finja’ Raises $9 Million
The fintech startup is offering different types of lending and payments services to micro SMEs (mainly grocery stores) and salaried professionals.
The startup also helps corporates and businesses of different sizes to manage their business payments, payroll, vendor relations, and enable their employees to request salary advances via its mobile app. It also facilitates salaried professionals (who are not part of its network) by offering credit through a different product known as Finja Credit Line.
In future, Finja will use the investment to scale its product and marketing efforts. It is also planning to use a part of the funds to furnish new lending portfolios.
Qasif Shahid, the co-founder and CEO of Finja who previously launched and led mobile banking products in different parts of the world, said, “With this new capital injection along with our strong partnerships with SECP, SBP, banks, FMCGs, distributors and so many other parts of the supply chain and payment ecosystem, we are fully equipped and supported by the industry to rapidly scale to create unprecedented impact.”