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Karandaaz launches FinTech Challenge 2017 with funding of up to $100,000

Karandaaz launches FinTech Challenge 2017 with funding of up to $100,000

Karandaaz is inviting FinTech startups to pitch their innovative ideas and win funding support of up to $100,000.

The FinTech Disrupt Challenge 2017 has been announced by Karandaaz Pakistan, in partnership with IBA Aman Center for Entrepreneurial Development.

Karandaaz is inviting FinTech startups to pitch their innovative ideas and win funding support of up to $100,000. Grants will be given to the start-ups having high growth potential and innovative financial technology solutions.

Karandaaz Pakistan, a non-profit organization working for financial inclusion of individuals and small businesses, organized its second Fintech Disrupt Challenge.

FinTech Disrupt Challenge aims to motivate and support innovation in the FinTech space to participate in healthy competitions and find startups that are increasing financial inclusion in Pakistan.

The challenge, primarily, will work to sort best startups out for financial prizes, including two grants of up to $100,000 and five grants of up to $20,000 will be given to the start-ups having high growth potential and groundbreaking financial technology solutions.

Karandaaz FinTech competition not only providing financial backing to the startups with a well-drafted approach but also aims to enhance Entrepreneurship spirit and culture into the financial domain of businesses.

“We are pleased to announce the 2nd installment of our FinTech Disrupt Challenge collaboratively with IBA AMAN CED as our venue partner,” said Rehan Akhtar, Director Digital Financial Services, Karandaaz Pakistan.

“We encourage young FinTech startups with limited financial assets from across Pakistan to apply and pitch their innovative ideas that carry the potential to revolutionize the country’s financial landscape. As is the tradition at Karandaaz, solutions that cater to women’s financial inclusion are highly encouraged for #FDC2017,” he added.

The Karandaaz Pakistan competition was first held in 2016. The FinTech Disrupt Challenge was held in November 2016 in collaboration with LUMS Centre for Entrepreneurship (LCE). Out of the 28 shortlisted startups, 3 won funding support of $100,000 each.

This year, the focus of the Challenge is to scout disruptive FinTech innovations from all over the country, any registered company, start-up or a start-up team based in Pakistan is encouraged to apply for the competition.

Applications can be submitted online latest by May 9, 2017. Shortlisted applicants will pitch their ideas on the Day of the Challenge on May 20, 2017.

Click here for more information on the eligibility criteria.

Startups should focus on these areas:

Start-ups are encouraged to apply in one of the following five thematic areas:

  1. Access to Financial Services
  2. Online Payments
  3. E-Commerce
  4. Interoperability
  5. Early stage ideas related to: M-Wallet Use cases, Education of Financial Services through technology, Customer Engagement / Experience, Micro Credit, Digital Savings etc.

Key Dates

Call for application: April 21

Application Deadline: May 9

Screening and Notification: May 10 – 15

Challenge Day: May 20

About Sayyar Gul

Sayyar Gul is doing his MS Computational Sciences & Engineering from National University of Science and Technology. He is technology enthusiast with keen interest in new technological developments from around the world.
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