Oraan, Pakistan’s first female-led fintech firm, has raised $3 million in the country’s largest initial seed funding round. Aaand, the funding news keeps getting more interesting for Pakistani startups!
Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global, Plug and Play, and well-known angel investors like Claire Diaz-also Ortiz participated in the seed investment round, which was co-directed by Zayn Capital and Wavemaker Partners.
The fintech startup provides services around credit, insurance and savings
Oraan, Pakistan’s first gender-inclusive fintech firm, had previously obtained seed money from Tharros, Zayn Capital, a Google-led angel syndicate, and Graph Ventures, bringing its total initial funding to slightly over $4 million. The fintech startup was founded in the year 2018 by Halima Iqbal, who is a former investment banker. Oraan creates credit, insurance, and savings-related products and services for its users.
“Oraan was founded when we realized that the large majority of the Pakistani women struggle to access financial services simply because they are not designed for them,” said Halima Iqbal.
“While there is a demand among women for credit, insurance and savings services, they are unable to approach financial institutions due to mistrust, the complexity of products and challenges around mobility.”
Oraan – revolutionizing savings through digital committees
The statement also stated that Oraan Committees, the startup’s flagship product, was a digital reinterpretation of Rotating Savings and Credit Associations (ROSCA), an ancient method of group savings and credit. Additionally, ROSCAs are known as committees in Pakistan and are practiced by 41% of the Pakistani population, rotating up to a massive 5 billion dollars, annually.
Their platform is fairly easy to use. You just have to download their app from the PlayStore and fill in the required details. Once you have registered on the app, the startup’s representative calls you within 3 to 5 business days for verification purposes. After the process is over, you’re all ready to choose your plan of instalments and payouts.
“Great to see Pakistani women also making their mark in the startup space. Initiatives like oraan which improve financial inclusiveness for women would make a great impact on key strategic objectives like women empowerment and increasing savings rate,” wrote Asad Umar in a tweet, while lauding the startup.
Tania Aidrus, Head of Prime Minister Imran Khan’s Digital Pakistan Initiative, also expressed joy at Oraan’s achievement.
You can find more information about Oraan’s digital committes here: https://linktr.ee/myoraan