Karandaaz announced and started Fintech disrupt challenge on May 20 , where Startups from financial technology background were invited from across the country, with collaboration of Karandaaz and IBA the event was organized in IBA Karachi. Winners had an opportunity to raise up to $100,000 to fund their startup.
In a press release, it is revealed that “CreditFix” won the Fintech Disrupt Challenge after a close competition with other startups, founded by Owais Zaidi will get $100,000 in funding while runner ups “Wakalah”, “UniKrew” and “Agrigate” will also get up to $20,000 each.
Fintech disrupt challenge by the joint efforts of Karandaaz and IBA focuses on bringing new and bright minds in the financial technology to pitch their startup ideas, the ideas worth being funded are picked by judges and given financial support by the program in order to bring in financial innovation in country’s financial services sector.
Karandaaz and IBA has successfully completed the 2nd round of their Fintech disrupt challenge yesterday. This year Karandaaz has invited startups from 5 key areas including payments, e-commerce, access to financial services, interoperability and early stage ideas in online payment systems.
Karandaaz is sponsored by Bill & Melinda Gates Foundation and UKAid, the Fintech disrupt challenge offered two different grants, up to $100, 000 for established startups and $20,000 for seed funding of new startups.