Dbank

Dbank, a fintech project of DGlobal, is a financial technology company focused on democratizing financial services in Pakistan. Founded in 2021 by former Google executives Tania Aidrus and Khurram Jamali, the Islamabad-headquartered firm is strategically positioned to address the significant unbanked population in the world's fifth most populous nation. Pakistan has a large and growing middle class with evolving banking needs, yet it is the third-largest unbanked country globally, with over 110 million adults lacking formal financial services.

The founding team brings a wealth of relevant experience to this challenge. Tania Aidrus previously served as an advisor to the Prime Minister of Pakistan, establishing a framework for the country's digitization. Before her government role, she spent over a decade at Google, where her work centered on transitioning economies from cash to digital systems. Co-founder Khurram Jamali also comes from Google, where he was the Head of Partnerships for Payments across the Next Billion User (NBU) markets, witnessing firsthand the impact of digital payment proliferation in developing nations.

Dbank's core mission is to provide accessible, transparent, and user-friendly financial services, particularly taking on the informal credit systems that can exploit individuals with high interest rates. The company has applied for a Digital Retail Bank (DRB) license from the State Bank of Pakistan (SBP). This move follows the SBP's introduction of a new regulatory framework for digital banks in January 2022, designed to increase financial inclusion. Dbank is developing a user-centric digital banking system based on ethical banking principles with an Islamic ethos, and while its initial focus is Pakistan, it has long-term ambitions to expand into other Muslim-majority markets.

In July 2022, Dbank announced a significant milestone, having raised $17.6 million in a seed funding round. The round was co-led by prominent venture capital firms Sequoia Capital Southeast Asia and Kleiner Perkins, marking Sequoia's first investment in Pakistan. The funding also attracted strategic investors, including the Brazilian digital banking platform Nubank and local partner Askari Bank, alongside participation from RTP Global and angel investors from major tech and finance companies. This capital is intended to meet the paid-up capital requirements for the banking license and to fund operational activities.

Keywords: Dbank, DGlobal, fintech Pakistan, digital banking, financial inclusion, Tania Aidrus, Khurram Jamali, Sequoia Capital, Kleiner Perkins, Nubank, Askari Bank, unbanked population, Digital Retail Bank, State Bank of Pakistan, Islamic banking, seed funding, mobile payments, ethical banking, emerging markets finance, pan-Islamic world, financial services