The Pakistani startup in the field of neobanking TAG Fintech is ready to enter the markets of the Middle East and South Asia. The event is likely to become real in the first half of 2023.
TAG Fintech was founded by Talal Ahmed Gondal and Alexander Lukianchuk in 2020. The startup entered the TOP5 most valuable companies in terms of investment on Y-Combinator in 2021. The first round was closed with 5.5 million dollars. And the last investor valued the company at $ 100 million.
TAG Fintech specializes in neobanking. Customers of the service can instantly open a bank account and get a VISA debit card linked to it.
The founder of the company, Talal Gondal, said that with a population of more than 225 million people in Pakistan, 70% don’t- have bank accounts. Besides, they have no way to open such an account in a traditional bank due to strict rules and complicated procedures in the local banks.
Thanks to TAG Fintech, the procedure is reduced to having a smartphone with access to the network and identity documents to pass KYC. In fact, the company is creating a new industry in the region. This causes a high interest of investors from other countries of the Middle East and South Asia.
The valuation of TAG Fintech can reach 1 billion
As for today, TAG is considering opportunities to integrate the neobanking system on its platform in other regions. Investors are interested in high-quality and thoughtful solutions. Once the service is launched in other markets the company’s valuation may exceed $ 1 billion.
Alexander Lukianchuk said that one of the goals and objectives of TAG Fintech is to transform the industry taking into account global trends in financial technology.
Neobank must combine high-quality innovative service and comply with all the requirements and rules of accounting for financial transactions. The operations have to be transparent, compliant and secure.
“We aim to implement the best fintech solutions“, — Alexander Lukianchuk stressed.
CTO TAG Alexander Lukianchuk participated and coordinated the development of projects at Deutsche Bank, FxPro, Naspay, N26. Such experience in the Middle East is the most in demand and determines the quality level at which the service is being built.
High technology on board – TAG Fintech
A startup at the entry point applies innovative approaches to optimize operations reducing time spent on various standard procedures. For example, a startup uses computer vision technologies for KYC. At the same time, the solution has been adapted for Central Asia and allows you to identify a person taking into account the features of appearance.
TAG Fintech can recognize documents for authenticity and applies verification algorithms for 40 different signs. The live image is checked, photos of documents are verified. If we talk about Pakistan, TAG has integrated its KYC solution with the national database of citizens. This makes it possible to carry out a deeper verification of users’ personal data.
Release ID: 489669
