A Karachi based startup called Safepay announced that they raise a seven-figure seed funding led by Stripe, the global payment platform.
The company founded by Ziyad Parekh and Raza Naqvi in 2019 aims to provide a safe and secure route for Pakistan’s online payments. The beta product launched in 2019 quickly became popular among startups and reached 300 merchants across the country.
The company went offline last year as the company required work according to the state Bank of Punjab framework. Parekh said in his press release, “We feel well-positioned with the right partners backing us to help build on the increasing volume of digital payments as well as work with other Pakistani fintech to further our vision.”
Stripe’s business lead for the Asia Pacific region, Noah Pepper, said about the startup, “Safepay’s commitment to increasing digital payments in Pakistan will become even more vital as the country continues to pursue a fully digital economy and increases its role in global trade.”
The companies plan to use the newly allocated funds to invest in the engineering talent to increase digital payment acceptance beyond the credit and debit cards in Pakistan.
The funds will also be used to develop various other products, expand the team, and maintain regulatory compliance; Payments Service Provider License explained in the press release.
Image Source: Geo.tv