TAG Fintech: A Pakistani fintech startup is gearing up to become an international company
Pakistani neo-banking start-up TAG Fintech is ready to enter the markets of the Middle East and South Asia. The event will probably become real in the first half of 2023.
TAG Fintech was founded by Talal Ahmed Gondal and Alexander Lukianchuk in 2020. The startup entered the TOP5 most valuable companies in terms of investment on Y-Combinator in 2021. The first round closed with $5.5 million. And the last investor valued the company at $100 million.
TAG Fintech specializes in neobanking. Customers of the service can immediately open a bank account and get a VISA debit card linked to it.
The founder of the company, Talal Gondal, said that with a population of more than 225 million people in Pakistan, 70% do not have bank accounts. Moreover, they have no opportunity to open such an account in a traditional bank due to strict rules and complicated procedures in the local banks.
Thanks to TAG Fintech, the procedure is reduced to having a smartphone with access to the network and identity documents to pass KYC. In fact, the company is creating a new industry in the region. This causes great interest for investors from other countries in the Middle East and South Asia.
The valuation of TAG Fintech could reach 1 billion
As for today, TAG is considering opportunities to integrate the neobanking system on its platform in other regions. Investors are interested in high-quality and well-thought-out solutions. Once the service is launched in other markets, the company’s valuation could exceed $1 billion.
Alexander Lukianchuk said that one of the goals and objectives of TAG Fintech is to transform the industry taking into account global trends in financial technology.
Neobank must combine innovative, high-quality services and comply with all requirements and rules for accounting for financial transactions. The operations must be transparent, compatible and secure.
“We aim to implement the best fintech solutions“, – emphasized Alexander Lukianchuk.
CTO TAG Alexander Lukianchuk participated and coordinated the development of projects at Deutsche Bank, FxPro, Naspay, N26. Such experience in the Middle East is most in demand and determines the level of quality the service is based on.
High technology on board – TAG Fintech
A startup at the entry point uses innovative approaches to optimize operations and reduce the time spent on various standard procedures. For example, a startup uses computer vision technologies for KYC. At the same time, the solution is adapted to Central Asia and allows you to identify a person taking into account the features of the appearance.
TAG Fintech can recognize documents for authenticity and uses verification algorithms for 40 different characters. The live image is checked, images of documents are verified. If we talk about Pakistan, TAG has integrated its KYC solution with the national database of citizens. This makes it possible to carry out a deeper verification of the users’ personal data.
Release ID: 489669
