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Pakistan to have its first digital bank

Pakistan will have its first digital bank. A fintech company, TAG Innovation, is set to launch the digital bank when it starts operations in a few weeks. The Islamabad-based fintech startup will launch with a limited number of customers and start commercial operations in 2 to 3 months, the firm’s CEO Talal Gondal said. The aim is to have millions of customers in the first few years, he added. The company has raised about $5.5 million in pre-seed funding, making it one of 5 biggest deals in the Middle East, Africa and Pakistan region. The funding round was led by Quiet Capital Management, Liberty City Ventures and Fatima Gobi Ventures. TAG also received strategic angel investments from general partners of Andreessen Horowitz, Khosla Ventures, Canaan Partners and Mercury’s Immad Akhund

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