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Bayfikr secures £150,000 pre-seed funding from SFC Capital

Investors in this round: SFC Capital

Bayfikr, a London-based value-added remittance startup that empowers migrants to make real-time remittances and C2B payments to their home countries, has secured £150,000 in pre-seed funding from SFC Capital, the UK’s most active seed-stage investor.

Bayfikr aims to make it simple for Pakistani expats to send their remittances to Pakistan. Initially targeting the UK to Pakistan corridor, Bayfikr plans to quickly become a major player in this $4bn corridor.

Instead of sending just cash, users can check & pay their Pakistan bills directly from their UK bank accounts. Currently, the fintech has onboarded 100+ Pakistani billers and businesses and is working on adding many more in the coming weeks.

Rascim Khattak, Bayfikr Co-Founder and CEO said, “We conducted surveys among migrants and realized that a major chunk – approximately 80% – of funds sent to support families back home is used for rent, bill payments, school & hospital fees, and real estate installments. None of the existing players were attending to these requirements. So, we decided to create Bayfikr to support the expat community”.

Edward Stevenson, Investment Executive at SFC Capital added, “SFC Capital were delighted to have led Bayfikr’s latest funding round. Having experienced the problem first hand, the team are extremely well placed to deliver a solution that makes the process of paying suppliers directly from overseas quick and simple. While they are targeting Pakistan first, this is hardly an isolated market and the product ultimately has a global application for all overseas diaspora. The team has already made significant progress before raising funding and we are extremely excited about what the future holds for Bayfikir.”

£150k

Bayfikr secures £150,000 pre-seed funding from SFC Capital

Bayfikr secures £150,000 pre-seed funding from SFC Capital

By SFC Capital11 May 2022