Mahaana: Pakistan’s First Digital Wealth Management Company
Pakistan will see its first-ever digital wealth management company, Mahaana after it has announced secured regulatory approvals from securities & SECP. The good piece of news is that Mahaana Wealth has secured regulatory approvals from the SECP to introduce technology-led investment management in Pakistan. In addition to that, it recently closed its $2.1 million pre-seed round to contribute directly to meeting the regulatory capital requirements.
Mahaana Wealth Raises $2.1 Million in Pre-Seed Funding Round In Pakistan
According to the latest reports, a round was led by SparkLabs Group (Korea & Hong Kong), Vostok Emerging Finance (Sweden), and local strategic partner IGI Holdings which is a JV Partner of Nestle in Pakistan. As a result of which, Mahaana received its initial investment from Mattias Martinsson (Founder of Tundra Fonder) and became a graduate of Y Combinator’s W22 batch.
“In a country where more than 50% of the population is under debt and spends 30% of their monthly income on repaying debts, the company sees opportunities for every person in Pakistan to create a financial security net in the form of building their savings & retirement funds”
The digital wealth management company has a mission to leverage on latest financial technology in order to create a platform to onboard 50+ million working class of Pakistan for better investment of their savings and pensions. It is worth mentioning here that the savings and pension model, such as in Sweden and the 401(k) in the US have been in practice for decades, but still Pakistan lags significantly behind in individual savings rate and has only ~250,000 individual investors base compared to 6 million in Sweden (60% penetration).
Founder of Tundra and initial investor in Mahaana, Mattias Martinsson stated that:
“Sweden’s savings revolution happened during the 80s and 90s and it has played an important role in achieving our status as a welfare state. Given its low savings rate and its young population, Pakistan has a great opportunity right now that it needs to take advantage of.”
The main obstacles to financial inclusion include lack of awareness, regulatory hurdles, and trust in the financial system. So, the company has aimed to work actively with the regulator for policy reforms restricting financial inclusion. Moreover, it is well positioned to be a leading contributor to Pakistan’s journey responsible for wealth and asset management in order to implement innovative, secure, and responsible savings plans.
IGI Holdings CEO, Tahir Masaud stated that:
The company will be leveraging the capabilities built by IGI Insurance’s financial infrastructure. “IGI is more than a key investor and is a strategic local partner of Mahaana. There are clear synergies between IGI Insurance, IGI Securities, and a digital wealth management company like Mahaana, which has a team with a proven track record of fund management in global markets”
Now, Mahaana is a licensed Non-Banking Financial Company by SECP which offers investment management services in Pakistan.
Also Read: Nothing Phone 1 Will Get Android 13 Update Next Year: Confirmed (phoneworld.com.pk)
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