Neem deals $4mn credit facility from DNI Group
Neem, the embed finance platform from Pakistan, has secured an additional credit facility of $4 million from DNI Group, South Africa-based global investment firm present in 32 countries and already partner/investor with Neem.
Read More: BYD Considering Investment Opportunities in Pakistan
According to a statement, the credit facility will help Neem, based at Karachi, scale up its earned wage access solution Paymenow across Pakistan.
Prosperous Coalition b/w Neem and DNI Group
This partnership, the company added, marks a pivotal step towards moving financial wellness forward for Pakistan’s salaried workforce.
Neem says that with over 60 million employed workforce in Pakistan, many in essential sectors face significant financial pressure between paydays, with very few financial tools to help assist.
“By delivering up to 50% of salaries before it’s needed, Neem Paymenow bridges gaps debt-free before payday,” asserts the startup, believing Paymenow is a Shariah-compliant alternative.
Neem Paymenow: Neem deals $4mn credit facility from DNI Group
Neem Paymenow fits into DNI Group’s firm core principles of financial inclusion and meaningful support for change in action, said Chief Strategy Officer Ziyaad Manie.
We are excited to partner with Neem in scaling up this innovative solution directly addressing people.
Neem views the recent funding as a renewed sense of confidence among foreign investors in Pakistan’s market, despite having witnessed a slowdown in investment flows over the last year in Pakistan.
This, the company said, is “The partnership and investment from the DNI Group, a team of seasoned operators with global expertise, serve as a powerful testament to our market potential,” Naeem Zamindar, co-founder of Neem.
This ventures manifested their faith in the “paymenow Team’s execution capabilities stand strong” and most importantly our shared vision of empowering financial wellness for businesses and people in Pakistan, he added.
This strategic investment not only supports Neem’s mission of financial wellness for all but also signals to the market the growing importance of ethical and inclusive financial solutions for underserved segments.
$1million Investment by DNI Group: Neem deals $4mn credit facility from DNI Group
DNI Group had invested $1 million in Neem as part of its strategic investment in June 2023 for “fostering innovation and growth in the embedded finance space” and “transforming the financial landscape in Pakistan.”.
Neem deals $4mn credit facility from DNI Group
Note: The information above might not be accepted 100%. Please verify from your own sources. We will not be responsible for any kind of loss due to our content.
For more news, please visit Munafa Marketing.
