OPay, a leading global fintech platform, has acquired Finja, a pioneering startup and fintech operator in Pakistan. This strategic acquisition marks a significant milestone for OPay as it expands its global footprint and strengthens its position in the burgeoning Pakistani fintech market.

Finja, which began its operations in 2021, was considered a trailblazer in the fintech industry. It obtained dual licenses from the State Bank of Pakistan (SBP) for digital wallets and SME lending from the Securities and Exchange Commission of Pakistan. The company quickly gained attention and attracted investors, securing $10 million in its Series A2 financing round in 2022, with participation from notable investors such as Sturgeon Capital and HBL.

Before obtaining its Electronic Money Institution (EMI) license, Finja partnered with FINCA Microfinance Bank to launch SimSim, a mobile payment platform designed to facilitate customer transactions.

In a surprising move, Finja’s management decided to sell its operations to OPay in 2023, and the deal was finalized recently after a year of negotiations. This acquisition comes amid a trend of various EMIs exiting Pakistan’s market, with some leaving even before launching operations.

By acquiring Finja, OPay aims to accelerate the adoption of digital financial services and provide innovative solutions to Pakistani consumers.

“We are excited to acquire Finja Private Limited and enhance the OPay family,” said Aurang Zeb Khan, Country Head of OPay Pakistan. “Pakistan is a country with immense potential, and we are committed to leveraging technology to drive financial inclusion and empower individuals. This acquisition will enable us to offer a wider range of financial services to our customers and contribute to the growth of the Pakistani economy.”

The acquisition of Finja by OPay is expected to enhance OPay’s capabilities and offerings in Pakistan, further solidifying its role in the country’s rapidly evolving fintech landscape.