Dbank, a Pakistani digital financial technology startup, offering to open up the neobank space in the country has raised $17.6 million in its seed round funding co-led by Sequoia Capital Southeast Asia and Kleiner Perkins.

  • The fund will be invested in expanding the operations of the fintech startup in Pakistan and boosting its efforts at improving transparent and friendly banking, using digital alternatives.
  • Dbank has applied for a license to practice in the digital banking space in Pakistan, to democratize financial services in the country.
  • Pakistani authorities are making efforts to improve financial access in the country, including the development of Raast, a real-time payments system for digital transactions and NADRA, a digital identity platform. Thus, Dbank intends to build on this, and advance financial inclusion in Pakistan with its offerings.
  • Nubank, a Brazilian neobank, Askari Bank, and Rayn invested in the round, the largest in Pakistan.