Within three months of closing $9 million of a $10 million Series A1 financing round, lending platform Finja has selected Fibonacci as its digital media agency. Founded in 2018 by Zia Saeed, Fibonacci claims to integrate data science & AI-backed digital strategies to help their clients develop solutions to business challenges.
Using a HyperTesting framework that helps scientifically reduce cost per acquisition, Fibonacci has positioned itself as a leader in attribution modeling. The agency will help Finja acquire end-users for kiryana and the Finja Card segment while acquiring businesses for the Finja Business segment.
“We are extremely delighted and proud to onboard Finja,” said Saeed in a statement to Profit. “After the necessary regulatory requirements, and under the current leadership Finja is positioned for success and we are excited to be part of that journey.”
In November 2020, sources told Profit that the Securities and Exchange Commission of Pakistan (SECP) granted approval for the launch of a Peer-to-Peer (P2P) Lending Platform to Finja to support and encourage the Fintech revolution in the country.
P2P lending is an innovative alternative digital platform that connects borrowers with individual lenders, who come together to meet the borrowers’ loan requirements. P2P lending helps the borrowers give out short-term loans that enable the SMEs to scale up their business, eventually qualifying them to take bigger bank loans.
The SECP regulatory sandbox is the framework to accommodate the provision of financial services that leverage new technologies. It allows FinTech firms to test their services and facilitate the adoption of new technology in a live environment within a limited, well-defined scope.
According to the SECP, Finja competes with 21 additional companies including banks offering online banking platforms such as Bank Alfalah, MCB Bank, Meezan Bank, telecom companies such as Upaisa and JazzCash, and pure Fintech players such as CareemPay, CreditFix, Keenu, and Fonepay.
