Local Startup Neem Raises $2.5 Million to Aid Unbanked Communities
Former financial entrepreneurs, operators, and venture capitalists Nadeem Shaikh, Vladimira Briestenska, and Naeem Zamindar created the three-year-old Neem. In an interview, Mr. Shaikh said, Shaikh stated that approximately 53 million Pakistanis are unbanked at present, citing data from the financial sector. Over time, the business intends to expand beyond Pakistan and assist underbanked communities in other emerging economies. Hong Kong-based SparkLabs Fintech led the seed funding, which the business plans to use to build its 20-person team, launch the BaaS platform, and acquire licences. In addition to Cordoba Logistics and Ventures, Taarah Ventures, My Asia VC, Concept Vines, and Building Capital, Pakistani investment banking firm Arif Habib participated in the capital round. In addition, partners at Outrun Ventures and strategic angels such as the CSO of IT firm BPC, founder partner at Mentors Fund, and fintech veteran and former CEO of Seccl participated in the seed round. In a statement, managing partner of SparksLabs fintech said, Check out? Pakistan’s startups sector witnesses a significant drop in fundraising
