Thursday, May 19, 2022

6.9 Million Dollars was Raised by the Pakistan’s Startup MyTM

On Thursday Dated 3 March 2022, it is Revealed that a Pakistani Banking Startup MyTM has Raised $6.9 million in its seed round.

During October 2021, MyTm has Participated in the competition at GITEX Futurestars held in Dubai n the ‘Creative Economy’ category. Pakistani Banking Startup has Won the the Supernova pitching competition at GITEX Futurestars.

What is MyTM Startup and What Does it do?

MyTm,is the First Islamic FinTech Startup Started in the 2018. It Provide Different Banking Services, Microfinance Service, and E-Ticketing Facilities Through its Platform.

MYTM Aims to Build a Large NEtwork of 100,000 MYTM DUKAAN by 2026. On 7th July 2021, MYTM has Already Signed a Official Banking Agreement with NRSP  in order to Provide its BranchLess Services Across Pakistan.

Investors in the MyTM Startup

MyTM Startup has Its Investor From Across World Mainly From Saudi Arabia, Canada, Mauritius, the UK, and Pakistan. The Investors has Seen A Great Potential in the Pakistani Market and In MyTM Startup Which Forced them to Invest in MyTM idea.

Major Investor in the MyTM Banking Startup include the Major Names Like:-

  • My Petroleum (My Group),
  • 100 Ventures,
  • Loyal VC,
  • United Seven Hills Venture,
  • and PEX International

The Story of MyTM Started in Back 2019, When it has Raised the 30 million Yen in its pre-seed round from a Tokyo stock listed company named Rentracks Japan.

On This Special Event Of MyTM , CEO Zain Farooq said,

Promoting the Prime Minister’s vision of a Digital Pakistan, this Investment will enable MyTM to acquire an NBFC (non-banking financial company), hire new talent, and create a network of cash-rich agents in the country. Additionally, MyTM will be enabling digital payments providing commerce, financial, and banking services at 6000 locations across Pakistan by Q4 of this year.

NRSP Microfinance Bank Has Signed an Agreement as its Official banking partner and settlement bank. Two Majors Contributors Who Played A Vital Role in Raising Seed Money For MyTm are the National Incubation Center Islamabad, and Founder Institute Pakistan . They Played a Vital Role in strategizing its business plan, go-to-market strategy, and validation internationally.

CEO Ignite, Asim Shahryar Husain, stated,

Pakistan is home to the fifth-largest youngest population in the World while having only one bank branch and one ATM for every 15,000 individuals. Hence, it is a great growth opportunity for a fintech startup like MyTM. That is why Ignite sponsored MyTM along with some other NIC startups to connect them with potential customers and investors at GITEX 2021. It’s great to see the results of our efforts now. Ignite will continue sponsoring NIC startups for international startup events in the future to unleash the entrepreneurial potential of Pakistan.

Pakistani startups grew by more than 5 times over 2020. 2022 looks even better and the investment forecast for this year is at least $500 million of investment in Pakistani startups by end of the year.

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