Lahore: Fintech startup Taro Technologies has secured $3.5 million in pre-seed funding through a combination of strategic partnerships and angel investors to launch a Buy-Now, Pay-Later (BNPL) venture in Pakistan.
As part of their pre-seed round, Taro has partnered with Dubai-based Cashew Payments – a BNPL leader in the Gulf Cooperation Council (GCC) – to accelerate its 2022 Q1 launch and growth.
Taro plans to provide flexible payment options and access to new forms of credit to Pakistani customers, while also enabling merchants to grow sales and increase their market reach.
“Our collaboration with Cashew provides critical insights into risk, merchant acquisition, operations, and customer retention,” said Mustafa Khan, CEO of Taro.
“Those insights paired with support from their experienced and accomplished leadership team position us for a strong launch and to quickly dominate the market.”
The partnership with Cashew Payments puts the local Lahore fintech company on the global tech map for online instant financing solutions.
Pakistan’s e-commerce sector has seen a lot of growth in the past fiscal year of 2021, with a spend of around $7.2 billion.
Taro seeks to provide easy access to credit for all Pakistanis, allowing increased access to e-commerce outlets. The company is looking to expand their operations across the country.
