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.