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Corporate Watch

August 03, 2016

Fintech startup raises $1m

LAHORE: Finja, a financial technology (fintech) startup, announced on Tuesday that it had raised $1 million in a $1.5 million bridge seed financing round led by Vostok Emerging Finance.

Finja is the first fintech startup to raise seed funding from a major international venture capital fund in Pakistan. Its goal is to offer innovative financial services to the country’s rapidly growing population by displacing cash.—Staff Reporter

P&G earnings up, eyes sales growth in 2017

NEW YORK: Procter & Gamble reported a jump in fiscal fourth-quarter earnings on Tuesday and predicted that sales would return to positive growth next year.

Net income for the quarter ending June 30 at the maker of Bounty paper towel and Vicks cough drops was $2.0 billion, up 274 per cent from the year-ago period, which included a large charge related to currency devaluations in Venezuela.—AFP

BMW second-quarter profit jumps 11pc

FRANKFURT: A favourable world auto market helped German carmaker BMW to post profits 11 per cent higher in the second quarter than the same period last year, results released on Tuesday showed.

The Munich-based firm said that it had made 1.95 billion euros ($2.2bn) of profit on 25 billion euros of revenue.

Fuelled by strong results, BMW has “the financial headroom we need to pursue our work on future technologies such as electric mobility and automated driving,” chairman Harald Krueger said.

Published in Dawn, August 3rd, 2016