Lahore: Lahore-based fintech startup Finja has raised a $9M Series A investment from investors including BeeNext, Vostok Emerging Finance, ICU Ventures, Quona Capital, and Gray MacKenzie Engineering Services.
Founded in 2016, Finja is a new-age financial services platform for professionals, merchants (Karyana shops), and SME businesses. The startup addresses its payments, collections, and credit needs. Finja holds a unique position in the value chain enabling all actors in the ecosystem to interact digitally. Founders Qasif Shahid, Monis Rahman, and Umer Munawar started Finja as a mobile wallet but with the passage of time, it evolved into a digital lending platform.
The Fintech startup is offering different types of lending and payment services to micro SMEs (mainly grocery stores) and salaried professionals. It also helps corporates and businesses of varying sizes to manage business payments, payroll, vendor relations, and enable employees to request salary advances via its mobile app. It also facilitates salaried professionals (who are not part of its network) by offering credit through a different product known as Finja Credit Line.
Finja intends to use the investment to scale its product and marketing efforts, as well as furnish new lending portfolios.
Qasif Shahid, Co-Founder and CEO of Finja commented, “With this new capital injection along with our strong partnerships with SECP, SBP, banks, FMCGs, distributors and so many other parts of the supply chain and payment ecosystem, we are fully equipped and supported by the industry to rapidly scale to create unprecedented impact.”