Neem closes seed to improve financial wellness in Pakistan

Neem closes seed to improve financial wellness in Pakistan

Neem, a financial wellness platform for Pakistan underbanked communities, has raised $2.5m in its seed funding round.

Its investors include SparkLabs Fintech, Pakistan Arif Habib, Cordoba Logistics & Ventures, Taarah Ventures, My Asia VC, Concept Vines, Building Capital and partners at Outrun Ventures. It also has support from several angel investors.

This capital enables Neem to bolster its growth and reach.

The FinTech company mission is to bring an embedded finance model to Pakistan with a market opportunity of $167bn, it claims.

Neem was co-founded by Nadeem Shaikh, Vladimira Briestenska and Naeem Zamindar. The trio believe that financial inclusion requires a more holistic approach that caters to the full financial needs of people and businesses.

?This includes giving individuals and businesses control through payments, addressing their needs through credit, absorbing risk through access to insurance, and access to savings and investments.

Neem co-founder Nadeem Shaikh said, ?The embedded finance revolution that is taking place globally in financial services is about democratisation, personalisation and access to products and services at the point of experience. At Neem, we aim to provide solutions to customers when and where they need it.span>

According to a report from the State Bank of Pakistan, almost 53% of Pakistan adult population and 3.3 million MSMEs are currently financially excluded. Neem is offering embedded financial products and services into these underbanked communities.

Its embedded finance platform has two core offerings. These are a banking-as-a-service platform and a lending platform.

Its BaaS solution allows partners to embed wallets and payments into their communities, as well as other financial products such as insurance and savings customised to the community needs.

The lending platform provides tailored lending products for consumers and MSMEs.

Another Pakistan-based FinTech to recently raise funds this year was Dbank. The company is focused on democratising financial services and recently bagged $17.6m in seed funding.

Copyright ? 2022 FinTech Global

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