March 04, 2022: MyTM, the first-ever startup from Pakistan to win the Supernova pitching competition at GITEX Futurestars held in Dubai in October 2021, in the ‘Creative Economy’ category, announced Thursday that it has secured $6.9 million in its seed round, said a press release issued on Thursday noted.
Investors participated from Saudi Arabia, Canada, Mauritius, the UK, and Pakistan. Notable investors included My Petroleum (My Group), 100 Ventures, Loyal VC, United Seven Hills Venture, and PEX International. Back in 2019, MyTM had also raised 30 million Yen in its pre-seed round from a Tokyo stock listed company named Rentracks Japan.
This makes the total funding raised by MyTM $7.2 million. Speaking on the occasion, CEO MyTM, 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 6000 locations across Pakistan by Q4 of this year.”
MyTM’s banking partner and settlement bank are NRSP Microfinance Bank. To secure this round, Ignite, National Incubation Center Islamabad, and Founder Institute Pakistan have been the key drivers to help MyTM with strategizing its business plan, go to market strategy, and validation internationally.
CEO Ignite, 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. Ignite will continue sponsoring NIC startups for international startup events in future to unleash the entrepreneurial potential of Pakistan.”
2021 had been a remarkable year for Pakistani startups where investment in Pakistani startups grew by more than 5 times over 2020. 2022 looks even better and the investment forecast for this year is at least $500 million of investment in Pakistani startups by end of the year.
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