Sequoia backs fintech Dbank in maiden Pakistan investment
Islamabad-headquartered startup Dbank said on Thursday it has raised $17.6 million in a seed round, the largest in Pakistan, co-led by Sequoia Capital Southeast Asia, the recently unveiled $1 billion fund, and Kleiner Perkins. Brazil’s neobank Nubank, Askari Bank, Rayn also participated in the round, the Pakistani startup said.
Dbank is a fintech startup that will attempt to expand the reach of financial services in a “transparent and friendly” manner in Pakistan, taking on the informal credit system that tends to exploit those in need with exorbitant and unpredictable interest rates.
