KARACHI: Pakistani business-to-business fintech startup Bazaar has raised $70 million in a Series B funding round, the platform said on Tuesday, taking the total funding to $100 million in less than two years.
The latest funding, led by Dragoneer Investment Group and Tiger Global, makes the platform one of best capitalized in the country’s young startup ecosystem.
The platform seeks to bring online Pakistan’s $170 billion retail economy consisting of some 5 million small and medium enterprises, which remain primarily offline, a company statement said.
Pakistan has one of the world’s largest un-banked populations.
“We believe that Pakistan is at an inflection point in its tech ecosystem development,” John Curtius, partner at Tiger Global Management, said according to the statement.
“Bazaar is tapping into the massive merchant opportunity and is leading the charge in the country.”
Pakistani fintech startup raises $70 million in Series B financing
https://arab.news/25b7s
Pakistani fintech startup raises $70 million in Series B financing
- It makes Bazaar one of best capitalized platforms in the country’s young startup ecosystem
- Startup seeks to bring online Pakistan’s $170bln retail economy, conprising 5mln enterprises
Pakistan joins 22 Muslim states, OIC to condemn Israeli FM’s visit to Somaliland
- Israeli Foreign Minister Gideon Saar visited breakaway African region of Somaliland on January 6
- Muslim states urge Israel to withdraw Somaliland recognition, respect Somalia’s sovereignty
ISLAMABAD: A joint statement by Pakistan, 22 other Muslim states and the Organization of Islamic Cooperation (OIC) on Thursday condemned Israeli Foreign Minister Gideon Saar’s recent visit to Somaliland as a violation of the African nation’s territorial integrity and sovereignty.
Saar’s visit to Somaliland capital Hargeisa on Jan. 6 followed Israel’s move last month to recognize Somaliland, a breakaway region from Somalia, as an independent country. The move drew a sharp reaction from Muslim states, including Pakistan, who said it was in contravention of the UN Charter and international norms.
Several international news outlets months earlier reported that Israel had contacted Somaliland over the potential resettlement of Palestinians forcibly removed from Gaza. Muslim countries fear Israel’s recognition of the breakaway region could be part of its plan to forcibly relocate Palestinians from Gaza to the region.
“The said visit constitutes a clear violation of the sovereignty and territorial integrity of the Federal Republic of Somalia, and undermines established international norms and the United Nations Charter,” the joint statement shared by Pakistan’s foreign office, read.
The joint statement was issued on behalf of 23 Muslim states, including Saudi Arabia, Bangladesh, Pakistan, Egypt, Iraq, Iran, Palestine, Jordan, Kuwait, Türkiye, Oman and others.
It reaffirmed support for Somalia’s territorial integrity and sovereignty, pointing out that respect for international law and non-interference in the internal affairs of sovereign states was necessary for regional stability.
“Encouraging secessionist agendas are unacceptable and risk exacerbating tensions in an already fragile region,” the statement said.
The joint statement urged Israel to revoke its recognition of the breakaway region.
“Israel should fully respect Somalia’s sovereignty, national unity and territorial integrity and honor its obligations in compliance with international law, and demand immediate revocation of the recognition issued by Israel,” the statement read.
Somaliland broke away from Somalia unilaterally in 1991 as a civil war raged in the country. Somaliland has its own constitution, parliament and currency, a move that has infuriated Somalia over the years as it insists the region is part of its territory.
