Dbank Secures $17.6 Million in Initial Funding

The most innovative venture capital fund, Sequoia has made its debut investment in Pakistan and is listed on the top investors' lists that have beaten young companies within South Asia. South Asian market in the last year.

Dbank startup, based in Islamabad has announced that $17.6 million from the seed round was raised, which is the highest in Pakistan that was led by Sequoia Capital Southeast Asia, which recently announced a fund of $1 billion, as well as Kleiner Perkins. Brazil's Neobank Nubank, Askari Bank, and Rayn were also part of the round, according to this Pakistani startup.

Fintech startup founded by Dbank aims to expand the scope of financial services by leveraging the transparent and friendly way of doing business in Pakistan.

More than 220 million people, almost half the population of Pakistan don't have bank accounts. Aidrus claimed that they want their customers to have control over their finances and make informed decisions.

State Bank of Pakistan, has offered opportunities over the past few years to introduce a modern method of payment for the nation, allowing it to expand the financial participation of the country.

Raast, is a real-time payment system that allows for quick transactions. Nadra's digital recognition platform has also been created.

It's the perfect time to start an enterprise similar to Dbank is the fundamental components are now in place: Raast the real-time payment system developed by SBP that is backed by digital identity through NADRA

The plan is to build an internet-based back end that is customer-centric across the world, starting with Pakistan mentioned by Aidrus.

The fastest growing middle class, the world's fifth largest country Pakistan expanding with modernized banking requirements. This is a unique opportunity of having a massive customer-centric bank that serves thousands of customers.

Dbank is taking a stand to adopt a digital-first strategy to improve banking and provide the entire range of financial services user-friendly, easy to access, and transparent for everyone across the nation.

A team that is behind this remarkable team of talented individuals together with Sequoia Capital Southeast Asia is thrilled to have this possibility to become an early partner with them, said in a statement from Secoia's Southeast Asia's Surani.