Tez Financial Services, a Karachi, Pakistan-based digital Non-Bank Microfinance Company (NBMFC), raised USD$1.1m in seed funding.
The round was led by Omidyar Network, with participation from Accion Venture Lab and Planet N. Funds.
The company intends to use the funds to build its credit portfolio, enhance its mobile technology platform, and secure an NBMFC license.
Led by Nadeem Hussain, co-founder and CEO, Tez Financial Services is a Non-Bank Microfinance Company that aggregates credit, savings, insurance, and investments into a single platform—a smartphone app—and provides access to these financial services.
The company uses artificial intelligence to analyze consumers’ digital footprint trends, social behavior, and consumption patterns in order to customize its offerings to meet each individual’s needs and
– cater to their short-term liquidity needs through Tez Advance
– enable them to park their funds in short-term savings avenues through community-led savings (Digital ROSCAs) through Tez Committee
– provide them security and protection via health and term-life insurance Tez Bima
– grow their wealth by investing in tailored investment plans through Tez Sarmaya
Tez Financial Services has integrated with EasyPaisa, UBL Omni, and SimSim as its branchless banking partners. It has also partnered with two of the largest insurance companies in Pakistan—EFU Life and Jubilee General—to provide life and health coverage.