Pakistan-based FinTech platform JazzCash and Pakistan’s venture capital (VC) company Fatima Gobi Ventures (FGV) have announced a strategic partnership that is poised to have a massive impact on advancing the growth of startups and budding businesses in the country.
The duo said in a statement on Friday that this mutually beneficial partnership will see JazzCash catalyze FGV’s existing and future portfolio companies by onboarding these companies onto its platform, which is serving over 44 million users, over 300,000 merchants, and over 900 businesses with a nationwide network of 230,000 agents.
As a part of the first phase of this partnership, JazzCash will venture into travel tech, e-commerce, and fintech by onboarding FGV’s investee companies namely Abhi, PriceOye
Each of these companies has proven market leadership in their respective fields.
According to the statement, this partnership is expected to provide a head start for promising startups but also benefit the broader financial technology sector in the country.
Formerly known as MobiCash, JazzCash is a mobile wallet, mobile payments, and branchless banking services provider.
As of October 2023, the firm has a market share of 54 percent.
FGV combines Fatima Group’s on-the-ground knowledge of Pakistan’s entrepreneurial ecosystem and Asia-focused venture capital firm, Gobi Partners’ 21 years of success in building sustainable and community-uplifting companies across Asia.
“At JazzCash, entrepreneurship and innovation are at the heart of what we do. Our partnership with Fatima Gobi Venturesembodies our commitment to fostering growth for startups by giving them the tools, resources, and network they need to thrive,
“We look forward to creating a dynamic ecosystem that benefits businesses, consumers, and the overall economy,” said Aamir Aftab, Chief Product Officer at JazzCash.
Jamaludin Bujang, General Partner at FGV, said that this partnership marks a significant leap in advancing digital innovation in Pakistan.
“Together, with JazzCash, we aspire to elevate the startup ecosystem and bolster promising ventures on their journey to growth,” he added.