Saturday, 1 Apr 2023
OTF invests $100,000 in Pakistan-based startup

OTF invests $100,000 in Pakistan-primarily based startup

Smartchoice enables customers to evaluate various monetary items such as credit cards, loans, insurance coverage policies, and even broadband Internet packages to aid them make informed choices and save cash.

The platform also enables customers to acquire well being and travel insurance coverage on-line. Sibtain Jiwani, the founder and CEO of Smartchoice told a UAE-primarily based media outlet that the platform is getting employed by more than 70,000 individuals each month in Pakistan and has helped individuals save more than US$100,000 in insurance coverage premium in the final 18 months.

Smartchoice is at present functioning with 15 monetary institutions in Pakistan such as banks and insurance coverage businesses and attributes about 100 various items on its web site.

Speaking about the fresh fund, Jiwani mentioned, “Our focus is entirely on scaling the business and that is why we are investing heavily on tech to automate policy issuance. We want to enable users to get insurance policy for anything including health and term life online without having to go to an agent or an insurance company’s office. Additionally introducing our services to consumers looking for such products digitally is key as it is still not common in Pakistan’s eCommerce sector.”

Charles Ludwig, investment manager with Oman Technology Fund (OTF), was quoted as saying, “We firmly believe that the average consumer commands much higher level of information and convenience than what is currently offered in Pakistan and the GCC when it comes to selecting financial products. Smartchoice secured investment from our fund through an unforgiving and rigorous process.”

Information Source: Muscat Daily

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