South Africa’s renowned corporation, DNI Group, has made a huge investment of $1 million in Neem, a growing startup in Pakistan. This strategic alliance intends to promote embedded finance and stimulate innovation in Pakistan.
In this regard, co-founder Vladimira Briestenska said that the cash will be used to improve Neem’s Banking-as-a-Service technology and platform.
Furthermore, the funds will be utilised to hire talented workers in critical areas such as product development, compliance, partnerships,?and product marketing. Briestenska underlined that Pakistan will be their key priority for the next phase of expansion.
Waqas Ghani Kukaswadia, an ICT analyst at JS Global, highlighted the opportunity for growth in Pakistan’s financial industry, stating, “Pakistan, with a population of 229 million, ranks fifth in terms of population. It does, however, have one of the lowest financial services penetration rates in the region.” Organisations like Neem play a critical role in supporting economic growth and financial stability in an era of low financial services penetration and increasing digitalization.
Neem, a Karachi-based financial wellness platform, promises to assist over 134 million underbanked customers and 2.5 million micro, small, and medium-sized businesses in Pakistan.
The startup is proud to be the country’s first financial services organisation to produce sustainable and ecologically friendly debit cards.
Moreover, the collaboration between Neem and DNI Group represents a significant step forward for the embedded finance industry, which incorporates financial services into the infrastructures of nonfinancial enterprises, eliminating the?dependency on traditional financial institutions.
Regardless of global circumstances, Neem is confident about Pakistan’s burgeoning digital ecosystem and is committed to establishing financial resilience not only within the country but also outside its boundaries.