Having secured investments worth $3.5 million, Lahore-based Taro Technology is set to embark on a Buy-Now, Pay-Later (BNPL) venture.
The emerging Fintech startup mustered the investments through a combination of angel investors and strategic partnerships.
It is pertinent to state that Taro Technologies is Pakistan’s only Shariah-friendly BNPL venture. It intends to provide flexible payment options and give new forms of credit to Pakistani customers looking for payment options to increase their market reach and grow sales.
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Taro seeks to abet consumer lifestyle needs by increasing purchasing power and liquidity.
Retailers can soon offer Taro’s instalment payment options to its consumers, both online and in-store.
Pakistan’s e-commerce sector has witnessed a lot of growth in the fiscal year 2020-21, with spending of around $7.2 billion.
Keeping the booming growth of the sector, Taro seems to be a successfully established player straight away.
“I am excited to launch BNPL in Pakistan through Taro Technologies. I’ve seen that Pakistanis are eager to access new technologies that puts them in control. We can help provide flexibility and control they desire by offering lending services to a broad range of people,” Taro CEO and ex-Silicon Valley engineer Mustafa Khan said.
Taro has partnered with Cashew Payments – a Dubai-based BNPL leader in the Gulf Cooperation Council (GCC). As per a statement issued, the partnership will help accelerate its first-quarter launch and growth in 2022.
The agreement with Cashew Payments will put the Lahore-based fintech brand on the global tech map for instant financing solutions.
Meanwhile, Ammar Afif, CEO Cashew Payments, said: “As we’ve broadened our business in the GCC, we are aware of the need for Pakistani retailers to have a seamless way of giving flexible payment options to consumers in various industries. Our partnership with Taro will enable retailers in Pakistan to rapidly activate Taro’s instalment payments.”