Tech Desk 
Nov 05, 2024
The South Africa-based DNI Group, a worldwide investment firm, invested $4 million in Neem, a Karachi-based startup to expand Paymenow, according to a statement issued on Tuesday.
This strategic partnership will let Neem broaden Paymenow, its earned payment access solution all over the country and will assist in fostering financial well-being for the employed workforce in Pakistan.
Neem stated that around 60 million salaried workforce in the country from various industries undergoes extreme financial burden between paydays with reduced financial tools available.
Read more: NayaPay named among CB insights’ top 100 fintech startups of 2024
Neem Paymenow grants Shariah-compliant solutions and “it provides a debt-free service to bridge financial gaps before payday by enabling employees to access up to 50% of their salary when they need it most.”
DNI Group Chief Strategy Officer Ziyaad Manie said: “Our investment in Neem Paymenow aligns with our core principles of financial inclusion and impactful support to drive meaningful change, we’re thrilled to back Neem in scaling this unique solution that directly benefits people.”
The latest funding round indicated the boosted confidence of international investors in Pakistan’s economy, which is certainly a great achievement for the country, Neem added.
Furthermore, this collaboration also indicates the increasing significance of inclusive monetary solutions for underprivileged areas.
Neem Co-founder Naeem Zamindar said “The partnership and investment from the DNI Group, a team of seasoned operators with global expertise, serve as a powerful testament to our market potential.”
“It showcases their confidence in the Neem Paymenow team’s strong execution capabilities, and, above all, our shared vision of empowering financial wellness for businesses and people in Pakistan,” Naeem added.
