Pakistani startup Neem, an embedded finance platform, revealed that it had raised $2.5 million in a seed investment round from regional and international investors.
On Tuesday, The platform claimed in a press statement that the money would “further its mission of bringing financial wellness to Pakistan’s underbanked communities, both individuals and businesses”.
Technology companies known as embedded finance companies provide typical banking services to the product lineup of non-financial organizations.
Nadeem Shaikh, Vladimira Briestenska, and Naeem Zamindar are the cofounders of Neem.
According to the press release, Neem encourages a financial wellness model that gives people and businesses control through payments, meets their needs through credit, absorbs risk through access to insurance, and offers financial independence through savings and investments.
The company’s platform provides two primary options: a lending platform and a banking as a service (BaaS) platform.
While the latter enables partners to deliver bespoke financing solutions for both individuals and micro, small, and medium enterprises, the former makes it easier for partners to embed wallets and payments and to offer customized insurance and savings plans (MSMEs).
According to the press release, strategic investors such as the CSO of tech company BPC, a founding partner at Mentors Fund, a fintech veteran and former CEO of Seccl, as well as SparkLabs Fintech, Arif Habib Ltd, Cordoba Logistics & Ventures Ltd, Taarah Ventures, My Asia VC, Concept Vines, Building Capital, and others participated in the seed funding round.