MyTM, a Lahore-based fintech, secured $6.9 million in a seed round from My Petroleum (My Group), 100 Ventures, Loyal VC, United Seven Hills Venture, and PEX International. Earlier in 2019, it had raised pre-seed money from a Tokyo stock exchange-listed company Rentracks Japan, thus taking the total capital to $7.2m.
Speaking on the occasion, 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 6,000 locations across Pakistan by Q4 of this year.”
MyTM’s settlement bank is the NRSP Microfinance Bank. Ignite CEO Asim Shahryar Husain stated that “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.”