Asia fintech funding round-up: SadaPay & Finbots.AI
This week’s handy Friday funding round-up includes two Asia-based fintech start-ups – SadaPay and Finbots.AI.
Pakistani fintech SadaPay has raised $10.7 million in a seed extension round after also receiving in-principle approval by the State Bank of Pakistan (SBP) for an Electronic Money Institution (EMI) licence.
With its initial seed funding of $7.2 million raised in March 2021, the total capital received by SadaPay now stands at $20 million.
Existing investors including Recharge Capital, Kingsway Capital and Raptor Group participated in the round.
The fintech firm claims to have over 500,000 customers on its waitlist and that the funding has made it the highest funded fintech in Pakistan.
SadaPay was founded by American entrepreneur Brandon Timinsky in 2018 with the aim of bringing modern banking to Pakistan.
Singapore’s Finbots.AI has announced its first external investment of $3 million in a Series A funding round led by sole investor Accel.
With the funding, Finbots.AI says it plans to accelerate its product enhancement, customer support, marketing and sales operations. The firm says it will also recruit senior talent to expand its team.
Founded in 2017, Finbots.AI uses an AI-powered credit scorecard system called ZScore to enable financial institutions to develop accurate credit scores and process applications in real time.
“Financial institutions today need pathbreaking solutions to solve their complex challenges brought by legacy platforms. Tapping on AI-enabled solutions can help them transform exponentially,” says Sanjay Uppal, founder and CEO of Finbots.AI.
Finbots.AI has offices in Singapore, India (Hyderabad) and the United Arab Emirates (Dubai).
The firm aims to increase its headcount to 50 by the end of 2022 and expand its footprint into the rest of Asia.