NIC Backed Pakistani Startup MyTM raises $6.9 million in seed round

Another great news for Pakistani Startups as MyTM announces that it has secured $6.9 million in its seed round, now taking its total funding up to $7.2 million. MyTM is also the first-ever Pakistani startup to win the Supernova pitching competition at GITEX Futurestars that was held in Dubai in October of last year.

Speaking about the funding, Zain Farooq, CEO MyTM said, ‘Promoting the Prime Minister’s vision of a Digital Pakistan, this Investment will enable MyTM to acquire an NBFC (non-banking financial company), hire new talent, and create a network of cash-rich agents in the country. Additionally, MyTM will be enabling digital payments providing commerce, financial, and banking services at 6000 locations across Pakistan by Q4 of this year.’

Investors from different countries participated and included groups like My Petroleum (My Group), 100 Ventures, Loyal VC, United Seven Hills Venture, and PEX International. The preparation for this seed round was led by Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan helped MyTM secure the funding by strategizing its business plan, Go-To-Market Strategy, and validation internationally.

Speaking about the collaboration, CEO Ignite, Asim Shahryar said, ‘Pakistan is home to the fifth-largest youngest population in the world while having only one bank branch and one ATM for every 15,000 individuals. Hence, it is a great growth opportunity for a fintech startup like MyTM. That is why Ignite sponsored MyTM along with some other NIC startups to connect them with potential customers and investors at GITEX 2021. It’s great to see the results of our efforts now. Ignite will continue sponsoring NIC startups for international startup events in the future to unleash the entrepreneurial potential of Pakistan.’