Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Capital on the Frontier Best Practices Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Tez Financial Services raises seed funding to serve Pakistan’s unbanked



ImpactAlpha, October 22 – Karachi-based Tez Financial Services is a completely digital microfinance lender serving the 50% of Pakistanis—nearly 100 million people—without a bank account or access to formal financial services. It has raised $1.1 million from Omidyar Network, Accion Venture Lab, and Planet N.

Smartphone penetration in Pakistan, as nearly everywhere in the world, is changing the accessibility and reach of financial services for traditional underserved customers. Nearly 30% of Pakistanis already have access to mobile internet; by 2020, 80% will have a smartphone.

Tez offers a range of services to android users, including loan approval in as little as 15 minutes. Its customers also have access to short-term savings accounts through its partnership with branchless banking companies EasyPaisa, UBL Omni, and SimSim, and to health and life insurance through partnerships with EFU Life and Jubilee General.

The seed funding will be used to help the company build up its tech platform and secure its Non-Bank Microfinance Company license.

You might also like...