Pakistani Fintech Startup Tez Wins $100,000 Grand Prize at Visa Everywhere Initiative

Tez Financial Services, a Pakistani fintech startup has won the FinTech challenge at first edition of Visa Everywhere Initiative for women, receiving $100,000 as prize money. Tez, founded in 2016 by Naureen Hyat & Hamza Hussain, is a fully digital Non-Bank Microfinance Company (NBMFC), licensed by Securities & Exchanage Commission of Pakistan, providing financial access in form of nano-credit (instant advance), savings, insurance, and investments, to unbanked and underbanked population through a smartphone application.

Tez has four main offerings: Tez Advance that caters to short-term liquidity needs of users through Tez Advance by providing one to four week-instant loans between PKR 1,000 to 5,000 without any guarantees through its app in fifteen minutes; Tez Committee that enables users to park their funds in short-term savings avenues through community-led savings (Digital ROSCAs); Tez Bima for health and term-life insurance; and Tez Sarmaya for investment plans.