KARACHI: Finja, Pakistan’s largest dual-licensed SME digital lending platform, has announced a new capital injection in its $10m Series A2 funding round, with participation from notable investors including Sturgeon Capital and HBL. This investment cycle is multidimensional and includes equity, debt and off-balance sheet capital. This is HBL’s second investment in Finja following its initial participation in the company’s Series A1 funding round.
With this injection, Finja has the capacity to fund over $50 million over the next 12 months to catalyze the potential of Pakistan’s SME sector. This set the stage to further develop Finja’s existing digital co-lending program to support its overarching vision of empowering micro, small and medium-sized enterprises (MSMEs) and their supply chains through digital credit.
This funding is an important step towards fuller use of Finja’s credit engine, which continues to prove its scalability and accuracy, cementing Finja as the sustainable choice for SMEs across Pakistan.
Qasif Shahid, co-founder of Finja, said, “The future of the financial services industry lies in collaboration between fintechs and banks. Move from vertical silos to open banking systems and integrated finance. This puts Finja in a winning position as it strengthens our ability to offer digital products to small and micro businesses. He further added, “With this new injection and our laser focus on optimizing our organization, we will now accelerate digital lending to SMEs through our association with HBL.”
Kamran Zuberi, CEO of Finja Lending Services, remarked that Finja is the first financial services entity to package capital in small amounts of PKR 50,000 and for periods of 7, 14 and 30 days to Karyana stores to qualify for credit to buy supplies and improve their sales. “We rate these retailers based on data we obtain from our partnerships with several FMCG principles, hundreds of distributors, and New Era Market aggregators that operate mobile apps for small retailers to order supplies.”
Copyright Business Recorder, 2022