Mytm

MyTM is a Pakistani financial technology company founded in 2018 by Dr. Zain Farooq and Jawad Mahmood. Dr. Farooq, an oncologist and former WHO consultant, transitioned into entrepreneurship to address financial inclusion, while Mahmood brings expertise as the CEO of Xint Solutions. The company was established to provide accessible financial and e-commerce services to Pakistan's large unbanked, under-banked, and underserved populations.

The company operates a hybrid model that facilitates both cash-based and cashless transactions through a network of retail agents, known as MyTM DUKAAN. This allows customers to access services like bill payments, loan applications and repayments, and bus ticketing without needing a smartphone or a digital bank account. MyTM's offerings include mass transit e-ticketing, branchless banking, microfinance, e-POS systems, and payment gateway solutions. The firm has also introduced services for health through a subscription model for online doctor consultations and offers micro-loans to small business owners.

MyTM primarily serves individuals in weaker economic sections and Micro, Small, and Medium Enterprises (MSMEs) with limited access to traditional banking. Its business model involves providing its services through a consumer-facing app and its agent network, operating in a B2B and B2C capacity. A key partnership was formed on July 7, 2021, with NRSP Microfinance Bank, Pakistan's first Islamic Microfinance Bank, to enhance its branchless banking services. The company has expanded its operations to Europe, Asia, and Africa, serving Non-Banking Financial Institutions (NBFIs) and Electronic Money Institutions (EMIs).

The startup has achieved significant milestones, including winning the Supernova pitching competition in the 'Creative Economy' category at GITEX Future Stars in Dubai in October 2021. MyTM secured pre-seed funding in 2019 from Rentracks, a Tokyo-listed company. In March 2022, it raised $6.9 million in a seed round from investors including My Petroleum, 100 Ventures, Loyal VC, and others, bringing its total funding to $7.2 million. This capital is aimed at acquiring a non-banking financial company (NBFC) and expanding its agent network.

Keywords: financial inclusion, branchless banking, fintech Pakistan, microfinance, digital payments, e-ticketing, payment gateway, unbanked services, retail agent network, Islamic fintech, SaaS, e-POS, cashless transactions, micro-loans, bill payment, SME financing, mobile wallet, financial services, emerging markets, hybrid finance