Tez Financial gets $1.1mln funding

Tez Financial Services, the first fully digital non-bank microfinance company (NBMFC) focused on serving the unbanked and underbanked in Pakistan, on Friday announced that it has raised $1.1 million in a seed round led by Omidyar Network, the impact investment firm established by Pierre Omidyar, the founder of eBay, a statement said.

Other investors on this round included Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion; and Planet N Funds will be deployed to build the company’s credit portfolio, enhance its mobile technology platform, and to meet the regulatory NBMFC requirements, it added.

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