In recent news, a Lahore-based fintech startup called Taro Technologies has secured $3.5 million in pre-seed funding through numerous partnerships and angel investments. The startup primarily focuses on a Buy-Now, Pay Later business model where Taro accelerated its impact through its partnership with Dubai-based BNPL providers hyper-focused on instant point-of-sale financing for e-commerce and in-store transactions called Cashew Payments.
In regards to this strategic partnership, 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 paired with support from their experienced and accomplished leadership team position us for a strong 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 grown our business in the GCC, we recognized the need for retailers in Pakistan to have a seamless way of offering flexible payment options to consumers in multiple industries. Through our partnership with Taro, all retailers in Pakistan can soon rapidly activate Taro’s installment payments for consumers across all channels online and offline.”
Mustafa further added in regards 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 team, we’ve arranged partnerships with local financial and technical firms that will ensure a strong and successful launch.”
The primary aim of the startup is to provide new forms of credit to all citizens of Pakistan which would accelerate the sales and overall market reach of the merchants. The startup also aims to supply the underbanked through their respective product. This also extends to increased access to e-commerce outlets.
Mustafa further stated the following:
“I am thrilled to be launching BNPL in Pakistan through Taro. I’ve noticed Pakistanis are eager for access to new technology that puts them in control. By offering lending services to a wider range of people, we can help provide the control and flexibility they desire.”
As of now, the company is focused on providing its services to Pakistan but would soon expand globally.