Media Center

Karandaaz Pakistan Awards Grants to Four ‘FinTech Disrupt Challenge 2017’ Winners

Winners of FDC 2017 pictured with Ali Sarfraz, CEO Karandaaz alongside Karandaaz Digital team.

Islamabad | Jul 18, 2017
Follow Us: #FDC2017

Karandaaz Pakistan, an initiative to support financial inclusion and small and medium enterprise (SME) sectors in Pakistan, announced the four winners of its ‘FinTech Disrupt Challenge 2017’ at a ceremony in Islamabad. The challenge started by Karandaaz Digital Financial Services unit with the support from the Bill & Melinda Gates Foundation, funds startup ideas using technology to bring financial services to the underserved segments of economy and create a social impact. On Tuesday, July 18, Karandaaz signed grant agreements with the winners of the second cycle of the challenge and awarded grants to successful ideas that will help materialize them and improve Pakistan’s financial services sector. FinTech Disrupt Challenge  2017, was structured between two categories of USD100,000 and USD20,000. From the USD100,000 category, CreditFix were announced as the winner for their idea and from USD20,000 category, three winners were announced namely Agri-Gate, UniKrew Solution, and Invoice Wakalah.

Karandaaz Pakistan CEO Mr. Ali Sarfraz while speaking at the event stressed on the need for greater financial inclusion of the unbanked segments of the economy and the importance of using technology to bring financial services to those who do not have access to formal financial channels.

We are confident that the grants we release today will help these promising startups change Pakistan’s financial services landscape for the better. The FinTech Disrupt Challenge is a remarkable platform through which we give emerging and aspiring innovators an opportunity to materialize their passion of promoting financial inclusion in the country.

Karandaaz through its Karandaaz Digital unit is running FinTech Disrupt Challenge since last year to provide capital support for implementing innovative ideas that will enable more Pakistanis get access to financial services. Director Karandaaz Digital, Mr. Rehan Akhtar acknowledges the importance of creating awareness in the market through FinTech Disrupt Challenge. He further emphasized on the use of financial technology solutions being instrumental in increasing the nationwide financial inclusion.