Karachi-based fintech Safepay announced on Tuesday that it has received approval for pilot operations as a payment service operator/provider from the State Bank of Pakistan (SBP).
According to a press release issued by the fintech, the pilot approval is the second step towards receiving a full payment service provider licence and was granted based on Safepay fulfilling the SBP’s stringent criteria.
It added that the approval will allow Safepay to proceed with onboarding merchants and scale its operations.
Safepay was the first Pakistani fintech to have graduated from Y-Combinator, the prestigious US-based accelerator, and has recently closed another round of funding, after raising from a round led by Stripe.
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The press release said that the latest funding will allow Safepay to “double down on the groundwork made in building a world-class team, operations and partnerships such as this one with Cybersource”.
