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.
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.
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.