Neem, a Pakistan-based embedded finance platform has raised $2.5 million in its seed funding round to support underbanked communities in the country.
- The fund will help the startup to expand its team of 20 employees, launch its banking-as-a-service (BaaS) platform, and capitalize on licenses, it claims.
- Founded in 2019, Neem focuses on communities across sectors including agriculture, MSMEs, e-commerce, logistics, healthcare, and others. The fintech offers a lending platform that its partners use to provide bespoke lending products to consumers and MSMEs.
- The startup aims to roll out its BaaS platform in December and onboard partners that will embed wallets and payments and provide financial products such as insurance customized savings tailored to each community's needs.
- SparksLabs Fintech based in Hong Kong led the funding round, with participation from Arif Habib, an investment banking firm based in Pakistan, Cordoba Logistics and Ventures, Taarah Ventures, My Asia VC, Concept Vines, and Building Capital. Outrun Ventures partners and a number of business angels invested in the seed round.