Karachi: South Africa-based DNI Group has invested $ 1 million in Pakistani startup Neem as part of strategic partnership, with aim of “Fostering innovation and growth in embedded finance space” and “Transforming financial landscape in Pakistan”.

Funds will be used to further develop Neem’s Banking-as-a-Service technology and platform and acquire talent across key areas including product, partnerships, compliance and product marketing, company co-founder Vladimira Briestenska informed. “Our focus continues to be deeply on Pakistan for next stage of growth,” official said.

Neem, Karachi-based embedded financial wellness platform that says it is building for emerging markets, added that it is targeting over 134 million underbanked consumers and 2.5 million micro, small and medium-sized companies in Pakistan. Karachi-based ‘financial wellness’ platform Neem raises $ 2.5 million. It said it is first financial services company in Pakistan to issue sustainable planet-friendly debit cards.

In statement, Neem said collaboration with DNI “Represents strong signal for embedded finance industry,” which integrates financial services like lending, payment processing or insurance into nonfinancial businesses’ infrastructures without need to redirect to traditional financial institutions.”

Meanwhile Ross Venter CEO of DNI’s technology arm Digital Ecosystems said “Neem’s goal of providing financial wellness to Pakistani market aligns with DNI’s own objectives around empowering people and enhancing financial and digital inclusion.”

Published in The Daily National Courier, June, 27 2023

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