$100,000 grant for Fintech startups: Results of Karandaaz Fintech Disrupt Challenge are out
Last month, Karandaaz Pakistan, in partnership with the IBA AMAN Centre for Entrepreneurial Development, organized the second edition of its FinTech Disrupt Challenge 2017 — an initiative to highlight innovative ideas from all over Pakistan working in the financial technology space and provide grants to startups with high growth potential.
There were two broad 'thematic areas' in which the startups had to compete for grants worth $100,000 and $20,000 respectively.
Funded by the Bill & Melinda Gates Foundation and UKAid, the $100,000 grant was aimed towards established startups, while the $20,000 grant was meant to be seed funding for newer companies in the block.
The application process kicked off in late April and 60 entries were received from all over Pakistan. Forty startup companies applied for the $100,000 grant, while 20 applicants were considered in the $20,000 category.
Winners of Fintech Disrupt Challenge revealed
Held at IBA Karachi, the final event had an independent panel of judges and more than 20 startups pitching their fintech idea. CreditFix won the top prize and a grant of $100,000, while three startups, Unikrew Solutions, Invoice Wakalah and Agrigate received $20,000 seed funding each.
Looking at the winner profiles, the winner Creditfix is a digital lending company that covers everything from customer acquisition, identity validation, risk profiling and scoring.
Invoice Wakalah claims to be Pakistan's first Shariah compliant peer-to-peer invoice financing platform, Unikrew Solutions provides real-time access to earned but unpaid salaries to employees, and Agrigate is an e-credit platform to facilitate working capital requirements in the marketing and clearance of farm produce.
"I am hopeful that all the participating startups will go long way in transforming Pakistan’s financial service landscape to usher in greater inclusion and convenience for under-served communities," said Ali Sarfraz Hussain, CEO of Karandaaz Pakistan.
Opportunities in Fintech
Apart from providing grants to emerging startups in the fintech space, Karandaaz Pakistan is also active in compiling research data on the opportunities available in the local market for disruption in the fintech space.
Karandaaz commissioned a research to conduct an in-depth assessment of the ecosystem for fintech in Pakistan, and a report ‘Seeding Innovation; A framework for rooting FinTechs in Pakistan’, was developed in collaboration with FinSurgents Pvt. Ltd.
Source: FinSurgents Primary Research, Karandaaz Pakistan, World Bank, New York Times, Financial Inclusion Strategy, We Are Social
The Fintech Disrupt Challenge is an extension of Karandaaz Pakistan’s overall ambition of promoting financial inclusion to marginalized segments of society. The company particularly extends financial and technical support to fintech startups that have the potential to create value and play a positive role in improving society.
This content has been produced in paid partnership with Karandaaz Pakistan.
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