Safepay, Pakistan’s financial technology company, recently won an investment from Y Combinator and now adapts to ‘The Band of Pakistan’.
Safepay, based in Karachi, Pakistan’s first financial technology company in Y Combinator’s start-up program.The company is said to have been part of YC’s S20 lot and recently graduated.He also earned $150,000 in equity.
Safepay, created last year through Ziyad Parekh and Raza Naqvi, aims to serve as a payment gateway for virtual trading sites.Fintech merchants allow you to obtain debit or credit card payments.
The Safepay team has created developer-friendly teams that allow online businesses to upload simple payment features to their e-commerce Websites or mobile apps in minutes. Safepay provides various add-ons to facilitate the integration of other payment features.such as Opencart, Shopify, WordPress and WooCommerce.
As discussed on the fintech website:
“We have designed a sublime and flexible solution that focuses on the developer and offers robust, scalable and flexible payment integration.We’re eliminating … complexity … so you can be up and running with Safepay in …minutes.”
Ziyad Parekh, co-founder of Safepay, told MENAbytes that the company already has more than 270 merchants with its solutions, adding local businesses such as Ego and Kitchen Cuisine.
Parekh says:
“We are expanding … [having] processed more than 5,000 transactions in July alone …We try to expand the team to succeed in more merchants and get virtual payments.”
While showing Safepay’s facilities and claiming it could also be Pakistan’s streak at the recent YC Demo Day (held Tuesday), Ziyad said Fintech processed $200,000 in full bills in July.2020.That probably wouldn’t seem much compared to the international one.standards, however, for an emerging country like Pakistan, it is like a step in the right direction.
As noted above, the majority of the country’s population does not have access to fashionable money and continues to settle their transactions with cash payments.It has been difficult for established payment corporations like PayPal to offer in the country due to lack of adequate infrastructure.regulations, among many other challenges.
Ziyad added:
“This was YC’s first completely remote batch (due to Covid-19) but it worked out … well for us since Raza, [our] co-founder, was in Karachi and was able to [manage] the business from there while I was in San Francisco handling the engineering and YC commitments.”
The virtual invoices sector in Pakistan is governed by primary banks and cellular wallet service providers such as EasyPaisa and JazzCash.The country is home to the world’s fastest-developing independent or independent workforce and a significant percentage of the population is young (under 30 years).
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