Oraan has successfully managed to raise 3 million dollars through seed funding via a local startup. The company is based in Karachi. Earlier, the company had raised funding from companies like Tharros, Graph Ventures and Zayn Capital. As a result, the total funds generated by the company come up to more than 4 million dollars.
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The two founders of Oraan are Halima Iqbal and Farwah Tapal. Being a banker, Halima realized that the majority of Pakistanis have problems accessing financial services. She along with Farwah, a design strategist, created the startup to create insurance, credit and saving services for unbanked females in Pakistan.
Their flagship service is ROSCA (Rotating Saving and Credit Association), which is a form of committee or beesee. This is an old method for saving money, which has been digitized by this startup. The Oraan app allows women to sign up for such a committee which can help them save money to fulfill their needs for education, emergency, medicine, etc. Oraan assists women by going beyond geographical boundaries.
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With the rapid popularity of this app, Oraan could soon become Pakistani’s women’s first digital bank. Oraan currently has a community of 10,000 people, from 170 different cities of Pakistan, who are saving money through this app.