NayaPay, a Pakistan-based fintech platform, has raised $13 million in one of the largest seed rounds in South Asia. Bringing together a diverse mix of leading global institutional and angel investors, the round was led by Zayn Capital, global fund manager MSA Novo and early-stage VC Graph Ventures from Silicon Valley.
The State Bank of Pakistan has granted an in-principle approval to NayaPay to operate as an Electronic Money Institution (EMI) in Pakistan. The approval will enable the company to “commence pilot phase of transactions in a controlled environment and under the SBP’s supervision to seek approval for the commercial launch of its services”. With NayaPay, customers will be able to open e-money accounts.