https://arab.news/vg76d
RIYADH: The Pakistan-based fintech and e-commerce super app Udhaar Book has successfully raised $6 million in a seed round with participation from regional and international investors, MAGNiTT reported.
Fatima Gobi Ventures, Plaid co-founder William Hockey’s Muir Capital, Tinder co-founder Justin Mateen’s JAM Fund, Commerce Ventures, Liberty City Ventures, Atlas Ventures, Integra Partners, and angle investors Omri Dahan (Marqeta) and Immad Akhund (Mercury Bank) participated in the funding.
Founded in 2020 as a digital bookkeeping app to help small businesses keep track of sales, expenses, and udhaar (credit extended to customers), Udhaar Book gradually expanded its solutions to become a super app, integrating digital dimensions.
Total funding deployed in Pakistan grew by $8 million in 2021 through 4 deals in October, MAGiTT said. Major rounds in fintech in 2021, along with this recent round by Udhaar Book, have pushed the Pakistani fintech ecosystem’s funding growth above the 1,800 percent year-on-year threshold.