MyTM, the first Pakistani business to win the Supernova pitching competition at GITEX Futurestars in October 2021, revealed Thursday that it has raised $6.9 million in its seed stage.
Saudi Arabia, Canada, Mauritius, the UK, and Pakistan sent investors. 100 Ventures, Loyal VC, United Seven Hills Ventures, and PEX International were among the investors.
In 2019, MyTM raised 30 million Yen from Rentracks Japan, a Tokyo-listed firm. This brings MyTM’s total funding to $7.2 million.
This investment will enable MyTM to buy an NBFC (non-banking financial company), attract fresh personnel, and develop a network of cash-rich agents across Pakistan, according to CEO Zain Farooq. By Q4 of this year, MyTM will be enabling digital payments at 6000 sites across Pakistan.
NRSP Microfinance Bank is MyTM’s banking partner. MyTM received this round of funding thanks to the efforts of Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan.
According to CEO Ignite, Asim Shahryar Husain, Pakistan has the world’s fifth-youngest population with just one bank branch and one ATM per 15,000 people. So it’s a tremendous opportunity for MyTM, a finance business. That’s why Ignite sponsored MyTM and other NIC companies at GITEX 2021 to connect them with customers and investors. It’s fantastic to see the outcomes now. Ignite will continue to support NIC startups at international startup events to unleash Pakistan’s entrepreneurial potential.