Finja closes $9m in its Series A funding round

Pakistan-based Finja has collected $9m in its Series A funding round, which will help it to scale its product and marketing efforts.

The company has the flexibility to raise an additional $1m in funding, it said.

Funds for the round came from ICU Ventures and previous backers BeeNext, Vostok Emerging Finance, Quona Capital and Gray MacKenzie Engineering Services.

With the close of the round, the company has collected a total of $15m in equity.

Founded in 2016, the company started life as a mobile wallet, but has evolved into a digital lending platform with a focus on SMEs and salaried professionals. Users can make payments to vendors, order inventory, track invoices and request inventory financing.

Finja also partners with corporates and businesses of different sizes to help them manage their business payments, payroll, vendor relations and enable their employees to request early access to salary.

The FinTech has disbursed more than 50,000 of unsecured digitally scored Islamic and conventional loans to businesses and salaried individuals to date.

Funds from the round will be used to increase product and marketing initiatives and launch new lending products.

Finja co-founder and CEO Qasif Shahid 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.”

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