A Lahore-based fintech firm called Taro Technologies has secured $3.5 million in pre-seed capital through several partnerships and angel investors. The startup primarily focuses on a Buy-Now, Pay Later business model where Taro enhanced its effect through its cooperation with Dubai-based BNPL suppliers hyper-focused on immediate point-of-sale financing for e-commerce and in-store transactions called Cashew Payments.
In reference to this strategic alliance, the CEO of Taro and former Apple engineer, Mustafa Khan, stated the following:
“Our collaboration with Cashew provides critical insights into risk, merchant acquisition, operations, and customer retention. Those insights along with support from their seasoned and talented leadership team position us for a solid launch and to quickly dominate the market.”
CEO of Cashew Payments, Ammar Afif, stated the following:
“We are delighted to partner with Taro, in providing ‘Buy now, Pay later’ solutions for merchants and consumers in Pakistan. As we’ve built our business in the GCC, we noticed the need for retailers in Pakistan to have a streamlined means of delivering flexible payment alternatives to consumers in numerous industries. Through our cooperation with Taro, all retailers in Pakistan can soon immediately activate Taro’s installment payments for consumers across all channels online and offline.”
Mustafa further added in reference to the Q1 proceedings:
“To prime our Q1 launch, we’ve also been busy on the ground in Lahore hiring a talented core team with significant fintech expertise. Along with our core staff, we’ve negotiated collaborations with local financial and technological organizations that will assure a strong and successful launch.”
The fundamental purpose of the firm is to supply new kinds of credit to all inhabitants of Pakistan which would speed the sales and total market reach of the merchants. The firm also intends to supply the underbanked through their own goods. This also applies to expanded access to e-commerce outlets.
Mustafa also mentioned the following:
“I am thrilled to be launching BNPL in Pakistan through Taro. I’ve found Pakistanis are hungry for access to new technology that puts them in control. By delivering lending services to a larger spectrum of consumers, we can help them the control and flexibility they desire.”
As of now, the company is focused on offering its services to Pakistan but would eventually expand abroad.