SadaPay has been granted the EMI license from the State Bank of Pakistan along with an extension of seed capital to $10.7 million from investors.

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The system of digital banking will begin the process of distributing digital wallets to 500,000 people who are on the waiting list

The fintech was granted an official commercial license by the State Bank of Pakistan to provide financial services via its mobile application as the Electronic Money Institution (EMI) much to the delight of the more than 500,000 customers who are on the waiting list.

Over half a million users were waiting with anticipation for SadaPay to release the debit card. With the announcement that it has obtained an EMI licence, the online banking firm will start onboarding customers according to their place in the waiting list.

Sadapay has closed the $10.7 million Seed-extension due to the approval of its license. SadaPay is now among the top five Pakistani funded startups, having the total capital amounting to more than $20 million. The previous shareholders Recharge Capital, Kingsway Capital as well as Raptor Group are all increasing their stakes in the company in preparation for an A round in the coming months.

Brandon Timinsky, an American businessman who relocated to Asia to pursue new opportunities after his previous startup within America was bought by the United States was bought, created SadaPay. The company has grown from a small group of ten employees to a multinational corporation that has 120 employees located in nine times zones in two years.

The name “SadaPay” is derived in SadaPay’s name is derived from the Urdu in addition to the Arabic term “sada,” which means “simple.”

Timinsky. Timinsky believes, “The complex nature of banking can be daunting for people who are not Pakistani So our goal is to make the process so easy that any other method is unthinkable.”

The process of opening a SadaPay account is easy and we strongly recommend that you open one immediately, as quickly as you can because the debit cards of SadaPay will start being issued soon.

All you need do is visit the website of SadaPay and enter the necessary information. Then, take a seat and relax while SadaPay determines the necessary information and welcomes you to its expanding family.

SadaPay can transfer its savings to customers to offer financial services for free through the use of modern technology, and not incurring the huge expenses of running physical infrastructure like traditional banks would.

Tayseer Ali, the company’s Chief Financial Officer, explains how the business earns money even though it offers free financial services “Think about it in terms of a “freemium” model. The basic services are completely free, however we earn revenue through value-added services. For instance, when freelancers help us accept international payments or provide payroll services to companies.”

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