Pakistan’s Neem raises $2.5M to serve underbanked communities with its embedded finance platform.
This is the first time the financial wellness company has raised money as it seeks to further its mission of “bringing financial wellness to Pakistan’s underbanked communities – both individuals and businesses,” the company announced on Tuesday.
The funding round was led by a large consortium of local and foreign investors including SparkLabs Fintech, Arif Habib Ltd, Cordoba Logistics and Ventures Ltd, Taarah Ventures, My Asia VC, Concept Vines, Building Capital, Partners at Outrun Ventures and strategic angels as CSO of tech house BPC, Founding Partner at Mentors Fund, as well as fintech veteran and ex-CEO of Seccl and others.
“We have a strong conviction about Neem’s mission to enable financial wellness for underbanked communities,” said William Chu of SparkLabs FinTech. He added that they have full confidence in the Neem leadership team to realise this vision amidst global macro challenges.
“We are really excited about our investment in Neem which is looking to transform the financial landscape in the country,” commented Shahid Ali Habib, CEO of Arif Habib Ltd. “We strongly believe in Neem’s ability as a leading embedded finance platform to drive financial inclusion in Pakistan which aligns well with the core values of Arif Habib Group.”
