On Tuesday, Karachi-based Neem, an embedded finance platform, announced that it had secured $2.5 million in a seed investment round from regional and international investors.
The company said in a press release that the funds would “further its mission of bringing financial wellness to Pakistan’s underbanked communities — both individuals and businesses”.
Embedded finance businesses are technology firms that incorporate financial services typically provided by banks into the product portfolio of non-financial entities.
Nadeem Shaikh, Vladimira Briestenska, and Naeem Zamindar are the cofounders of Neem.
Arif Habib Ltd, Cordoba Logistics & Ventures Ltd, SparkLabs Fintech, fintech veteran and ex-CEO of Seccl, My Asia VC, Concept Vines, Building Capital, partners at Outrun Ventures, Taarah Ventures, and strategic angels as CSO of tech house BPC, founding partner at Mentors Fund, as well as and others participated in the seed funding round According to the press release.
Cofounder Shaikh explained while talking about the company’s aims, “The embedded finance revolution that is taking place globally in financial services is about democratization, personalization, and access to products and services at the point of experience. At Neem, we aim to provide solutions to customers when and where they need them.”
The company’s platform provides two primary options: a loan platform and banking as a service (BaaS) platform. While the latter enables partners to deliver customized financing solutions for both individuals and micro, small, and medium companies, the former makes it easier for partners to incorporate wallets and payments and to offer customized insurance and savings plans.
Shahid Ali Habib, CEO of Arif Habib Limited, commented on the development, saying, “We are really excited about our investment in Neem which is looking to transform the financial landscape in the country.”
“We strongly believe in Neem’s ability as a leading embedded finance platform to drive financial inclusion in Pakistan which aligns well with the core values of Arif Habib Group.”