Karachi, In a landmark move, JazzCash, Pakistan's foremost FinTech platform, and Fatima Gobi Ventures (FGV), the nation's most active venture capital firm, have announced a strategic collaboration aimed at significantly advancing the growth of startups and emerging businesses in Pakistan.
According to JazzCash, the partnership is designed to leverage JazzCash's extensive network and platform capabilities to accelerate the development and expansion of FGV's existing and future portfolio companies. JazzCash, formerly known as MobiCash, commands a significant presence in the market with a 54% share as of October 2023. It provides mobile wallet, mobile payments, and branchless banking services to a vast customer base.
FGV is a unique amalgamation of Fatima Group's deep understanding of Pakistan's entrepreneurial landscape and the expertise of Gobi Partners, an Asia-focused venture capital firm with a 21-year history of fostering sustainable and impactful companies across Asia. Together, they have contributed to the growth of over 400 companies and supported the rise of nine unicorns.
Under this partnership, JazzCash will onboard FGV's portfolio companies onto its platform, which currently serves over 44 million users, 300,000 merchants, and 900 businesses across Pakistan, with a robust network of 230,000 agents nationwide. This move is expected to open new avenues for collaboration and business expansion for FGV's portfolio companies, tapping into JazzCash's expansive network.
Aamir Aftab, Chief Product Officer at JazzCash, emphasized the company's dedication to entrepreneurship and innovation, stating that the partnership with FGV represents their commitment to fostering startup growth by providing necessary tools, resources, and networking opportunities.
Jamaludin Bujang, General Partner at FGV, highlighted the partnership as a significant step in promoting digital innovation in Pakistan, expressing aspirations to elevate the startup ecosystem in collaboration with JazzCash.
In the first phase of this collaboration, JazzCash will focus on integrating travel tech, e-commerce, and fintech sectors by incorporating FGV's investee companies like Abhi, PriceOye, and SastaTicket, each a market leader in its field.
This strategic alliance is not only expected to provide a significant boost to promising startups but is also seen as a catalyst for the broader financial technology sector in Pakistan, demonstrating the power of collaborative efforts in spurring innovation and economic growth.