Pakistani Wealth Management Startup Draws Venture Funding
- Mahaana Wealth and investors see untapped market in Pakistan
- World’s fifth most populous nation lags in personal savings
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Pakistani fintech startup Mahaana Wealth Ltd. raised $2.1 million from venture capital firms VEF AB and SparkLabs Group, as well as local insurer IGI Holdings, riding a surge in investment appetite in the world’s fifth most populous nation.
The Karachi-based company will invest user funds in stocks and bonds, and plans to launch operations next month. It is targeting workers’ investment needs in a country whose personal savings rate lags significantly behind that of other countries, due to relatively high debt.