HBL Announces Its Rs 176 Million Investment in Finja
With its Rs. 176 million (USD 1.15 million) contribution to Finja’s Rs. 1.56 billion (USD 10.15 million) Series A1 investment, HBL becomes the first bank in Pakistan to invest in a digital fintech firm.
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Along with BeeNext, Vostok Emerging Finance, Quona Capital, and ICU Ventures, HBL is the latest notable fintech fund to invest in Finja. In Finja’s Series A1 round, every investor from earlier rounds increased their initial stake.
Finja has increased its digital lending portfolio by 550% since the Covid-19 epidemic started in April of last year, disbursing over 50,000 digital loans to Micro, Small, and Medium Enterprises (MSMEs). Even though they are the backbone of the economy, Pakistan’s small companies have historically had trouble getting the finance they need to expand.
For HBL, an investment in Finja serves two of the bank’s strategic priorities: actively reinventing HBL to become a “technology company with a banking licence” and investing in businesses that support digital financial inclusion and development finance, particularly those that have an impact on agriculture and SMEs because they are the foundation of the economy.
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