SadaPay announced that it has raised $7.2 million in a seed round led by New York-based Recharge Capital. SadaPay was launched by Brandon Timinsky in 2019 to facilitate the country’s third largest unbanked population in the world. The startup’s business model is designed in such a manner that it is able to eliminate the high costs of physically setting up a traditional bank.
SadaPay is registered in Pakistan as SadaTech Pakistan Pvt Ltd with the Securities and Exchange Commission of Pakistan, and is a wholly owned subsidiary of SadaPay Technologies Ltd., registered in Dubai International Financial Center under commercial fintech license. SadaPay Mastercard debit cards issued pursuant to a license by Mastercard Asia/Pacific Pte. Ltd.
Recharge Capital led the round with participation from existing investor Kingsway Capital, Jim Pallotta’s Raptor Group, and a roster of notable fintech angels. It brings total funding in the firm to $9.3 million since inception in 2019. The startup is currently running a private beta programme with 1000 customers after receiving in principle approval from the State Bank of Pakistan. The company, which has attracted an impressive 200,000 prospective users to its wait list, will go live upon receiving a full Electronic Money Institution licence.
