February 11, 2021: Pakistani fin-tech, Safepay (Private) Limited, has raised a seven-figure investment round from leading global online payments company, Stripe alongside other local and international investors to embark on its next chapter.

Co-founder Ziyad Parekh says, “We feel well-positioned with the right partners backing us to help build on the increasing volume of digital payments in Pakistan as well as work with other Pakistani fintech to further our vision. In particular, initiatives from the State Bank of Pakistan like Raast will lead to an upward trajectory towards digital payments, to which we want to contribute. We want to see the online economy of Pakistan grow and provide merchants the rights tools to achieve this.”

According to Noah Pepper, Stripe’s APAC business lead, “The Safepay team’s solutions will be an important contribution to the future of Pakistan’s economy. We love backing founders who really know their markets and have the vision to help local businesses. Their commitment to increasing digital payments in Pakistan will become even more vital as Pakistan continues to pursue a fully digital economy and increases its role in global trade.”

Raza Naqvi, who also co-founded Safepay, adds “The choice of backers reflects a combination of funds that already have links with other businesses in the market and that are bullish on the entrepreneurial space in Pakistan. Backing from Stripe, in particular, will provide Safepay with unique guidance towards becoming a leading technology provider, building world-class products in the context of local payments and commerce.”

Safepay will use the funds raised to focus on investing in engineering talent to increase digital payment acceptance in Pakistan beyond credit and debit cards, including mobile wallets and bank accounts. It plans to use funds raised to further develop its products, expand its team, and on regulatory compliance.

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