Finja, an SME digital lending platform, announced fresh capital injection as part of its $10 Million Series A2 financing round. HBL and many other important investors participate in it.
This investment round includes equity, debt, and off-balance sheet capital. HBL has also participated in the Finja Series A1 round, and this is its second investment.
With this injection, Finja can sponsor more than $50 million over the next 12 months to enhance the potential of the SME sector in Pakistan. This has set the stage to further scale Finja’s existing digital co-lending program to support its overall vision of empowering Micro, Small, and Medium Enterprises (MSMEs) with digital credit.
This financing is an important step towards fully using Finja’s credit engine, which continues to prove its scalability and accuracy, making Finja the sustainable choice for SMEs across Pakistan.
Qasif Shahid, Co-Founder of Finja said,
“The future of the financial services industry lies in collaboration between fintech and banks. Moving away from vertical silos to open banking systems and embedded finance. This puts Finja in a winning position as it ramps up our capability to offer small and micro businesses digital products. With this new injection and our laser focus on optimizing our organization, we will now be turbocharging digital lending to SMEs through our association with HBL.”
Finja has emerged as one of the leading digital lending platforms in the country clocking a total lending throughput of PKR 7 Billion at the back of extending approximately 150,000 loans to 35,000 Karyana stores in 30+ cities. Finja also works with FMCG distributors and assists them to buy supplies upstream on credit and also provides purpose-built working capital lending lines to SMEs scored through Finja’s proprietary AI/ML algorithms.
Kamran Zuberi, CEO of Finja Lending Services said:
“Finja is the first financial services entity to package capital in small amounts of PKR 50,000 and for periods of 7, 14, and 30 days to Karyana stores for availing credit to buy supplies and improve their sales. We score these retailers from data that we get from our partnerships with multiple FMCG principles, hundreds of distributors, and new-age market aggregators that operate mobile apps for small retailers to order supplies from.”
HBL participates in Finja’s Series A2 Funding Round
