After a wait of almost two years, SadaPay has finally received the green signal from State Bank of Pakistan to launch its commercial operations. The news has been received quite positively, especially by the 500K+ people that have been on SadaPay’s waitlist for a while now.
SadaPay started its journey in Pakistan with a mission to make money ‘sada’ (simple) for the millions of people in the country that struggle with various issues related to the conventional banking industry. Now that the State Bank of Pakistan has finally given SadaPay a full commercial license to operate as an Electronic Money Institution (EMI), the company has announced its excitement to get started on their mission and bring about a positive change in the financial landscape of the country.
The good news related to their license comes in package with another important announcement. On the back of the news of its license approval, the company is also closing a seed-extension of $10.7 million. This additional amount now brings the total funding to over $20 million and makes the company one of the highest funded startups in Pakistan. The additional investment comes from prior backers Recharge Capital, Kingsway Capital, and Raptor Group, who are all adding to their initial investments to accelerate the company’s rollout in anticipation of raising a Series A funding later this year.