Tag, a yet-to-launch Pakistani fintech has been granted in-principle approval by the country’s central bank for an Electronic Money Institute License (EMI), it has told MENAbytes today. The approval will enable it to launch what it says would be a financial superapp for the local consumers.
The Islamabad-based startup has also received an undisclosed amount of pre-seed investment from regional and international investors including Christian Rebernik, the former CTO of European online challenger bank N26, and Stefan Wille who was previously Deputy CFO of British challenger bank Revolut. Tag is currently in the process of closing its seed round.
Founded by Talal Ahmad Gondal, Ahsan Khan, and Alexander Lukianchuk, Tag aims to launch its app next year with the beta version expected to be rolled out by the end of the year. The app will enable users to pay their utility bills, recharge mobile credit, make P2P transfers to other Tag users or any bank account in Pakistan, and keep an eye on their spending. The users will also receive a debit card that could be used for cash withdrawals or online/offline payments at supported merchants.
Even though it starting with Pakistan, Tag at a later point aims to expand to the Middle East & North Africa too. The startup has a technology office in Berlin where most of its product and tech team is based right now.
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