SBP orders TAG to make full refunds to depositors. What does this mean for the troubled fintech startup?
The State Bank of Pakistan (SBP) has ordered Pakistan’s fintech TAG Innovation to initiate refunds to customers. Despite that it may seem...
Fintech company OneLoad announces $11m raise from Bill & Melinda Gates Foundation, others
LAHORE: Pakistan’s fintech company OneLoad has announced raising $11 million in new funds as it focuses on the next phase of growth.
OneLoad’s...
Logistics company Trax lays off employees as costs rise, volumes dip
Logistics startup Trax laid off about 50 employees on Friday, with more layoffs on the cards as the logistics company rationalises its...
Pakistan’s Dbank secures backing of Sequioa in $17.6m seed round
LAHORE: Pakistan’s fintech company Dbank, which aspires to become a digital bank, has secured the backing of Sequoia Capital, one of the...
In its ambition to buy a bank, has Pakistan’s fintech poster-child killed itself?
In trying to make TAG the only fintech company with a full banking licence, Talal Ahmad Gondal may have made the worst mistake of his life. Profit looks at the entire TAG saga.
YAP Pakistan gears up for its pilot phase after securing IPA for an EMI license: Partners up with Faysal Bank for innovative banking solutions
Lahore – 18th July, 2022: After successfully obtaining the In-Principle Approval from the State Bank of Pakistan for an Electronic Money Institution...
Pakistan’s eCommerce startup Dukan.pk lays off 25pc workforce as it focuses on profitability
Dukan.pk, an e-commerce startup that lets anyone with a smartphone build a web store, has laid off about 25 per cent of...
Airlift announces complete shutdown. Profit explains why
That’s all folks. After three years of operating in Pakistan, Airlift Technologies has announced a complete shutdown of its operations from tomorrow...
Pakistani startups have raised $284mn in first half of 2022, but are expected to close the year at less than 2021
Startups in Pakistan have raked in a total of $284.89 million in disclosed funding across 45 deals in the first six months...
Pakistan’s 24SEVEN announces $6mn pre-Series A raise to power an innovative model for kiryana stores
Pakistan-based eCommerce and retail startup 24SEVEN (formerly 24seven.pk) has announced closing a $6 million pre-Series A round as the former grocery delivery...
Riding high on growth, Bykea would have raised a lot more than $10mn. But VCs are nixing growth stage investments
Riding high on growth, Pakistan’s mobility, commerce and payments startup Bykea has announced completing a $10 million raise from existing investors which...
Dutch energy group Vitol backed VavaCars shuts Pakistan operations
VavaCars, which is backed by Dutch energy and commodity trading company Vitol, has decided to wrap up its operations in Pakistan, two...
Logistics startup Rider completes $5.4mn seed raise as startups navigate funding winter
Karachi-based logistics start-up Rider has announced closing $3.1 million in an extension of its seed round, clocking in a total of $5.4...
B2B marketplace Dastgyr announces $37m Series-A raise as it widens services beyond kiryana stores
Pakistan’s B2B eCommerce marketplace Dastgyr has announced raising $37 million in a Series A funding round led by Pakistan’s Veon Ventures, whose...
Airlift pulls out of South Africa, smaller cities in Pakistan amidst global downturn
Quick commerce startup Airlift has announced closing down operations in South Africa as well as some cities in Pakistan as the global...