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Swich, a Karachi-Based Fintech Company, Secures a 20mn Grant to Lead Pakistan’s Digital Payments Revolution

Date: July 24, 2023

Swich, a dynamic fintech company based in Karachi, has achieved a remarkable milestone by winning a significant 20mn grant at the Pakistan Innovation Hub. The company presented its groundbreaking idea, focusing on propelling Pakistan into a digital future, promoting financial inclusion, and addressing vital macroeconomic challenges in the country.

Swich’s innovative proposal garnered overwhelming support from the audience and expert panel, making it the highest grant winner among all participants. This remarkable accomplishment not only reflects Swich’s unwavering dedication to revolutionizing digital payments in Pakistan but also underscores the government’s profound confidence in the company’s vision.

Shah Aun Hussain, co-founder of Swich, elaborated on their groundbreaking approach, stating, “Swich stands as the pioneering application in Pakistan, offering a comprehensive suite of major financial services to empower retailers under a single platform. With over 1,000 registered retailers and a monthly transaction value exceeding PKR 1 Billion, we have proven product-market fit.”

Hussain also emphasized their plans to utilize the support of key stakeholders to expand and scale the platform nationwide. The recognition received at the Pakistan Innovation Hub not only signifies the grant amount but, more importantly, affirms the government’s belief that Swich holds the potential to create a transformative impact on Pakistan’s economy through the retail segment.

Speaking at the event, Mr. Ahsen Iqbal, the Federal Minister for Planning, Development & Special Initiatives, praised the Pakistan Innovation Hub as a platform that empowers entrepreneurs to showcase their visionary ideas. He emphasized that the government’s support in the form of grants will serve as seed money to drive value addition in the country. This initiative aims to bring forth promising companies of the future, aligning with Prime Minister’s vision 2025 to propel Pakistan towards prosperity.

Swich’s achievement at the Pakistan Innovation Hub exemplifies the spirit of innovation and progress that defines the country’s entrepreneurial landscape. As the company moves forward with its transformative vision, it is set to lead the digital payments revolution in Pakistan, contributing significantly to the nation’s economic growth and financial empowerment.

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