An update on Safepay
In 2019, Safepay set out to empower Pakistani businesses by making online payments simpler with cutting edge technology, security and a better user experience. Our team wants to make a meaningful impact in Pakistan, and we want to do this by solving what we believe is an essential problem.
In today’s online world, the ability to receive digital payments influences how much easier it is to get an online business off the ground. We want to help businesses in Pakistan grow by taking care of receiving payments, so they can focus on the services and products they provide. Our goal is to bring Silicon Valley tech customized for Pakistan. We want to change the spirit of how business is done in our country. The best part of doing what we are doing is hearing the amazing stories we have heard of the businesses thriving all over Pakistan. From Kashmir to Karachi, the entrepreneurial spirit we have seen inspires us and drives us to keep moving forward every day.
Creating a startup is difficult. A startup in fin-tech is that much more difficult because of issues such as regulation, security and the need for capital. In order to raise funding to really enter this market, we worked on a smaller/ testing stage scale — most of you reading this would have interacted personally with Ziyad, Raza or Iman. This time for us was essential as we got to really know our customers and understand what our product was doing for them and how what we offered was better than what was available.
As you may know, we applied to the Y combinator accelerator and went through their 2020 summer batch (read here). Y combinator helped us move our company to the next phase and raise meaningful funding in order to scale and achieve our vision.
In the past few months we have heard some misconceptions about our business that we must clear up. The State Bank has not shut us down. We are not in any legal trouble. Our business model has not failed. We are just doing what needs to be done in order for us to operate in this market. We know this is taking time and it pains us to give any discomfort to our customers.
We would like to thank you for your patience. We are hard at work; we have grown our team and have used every available minute to build products that will make the lives of our merchants easier. We know our hiatus has taken longer than expected, but please bear with us. We are invigorated by our mission of making payments simpler for you and are not going to give up. We are so grateful and humbled by the faith our customers have shown in our work, your kind words and support has meant the world to us.
The Safepay team
