Karandaaz Pakistan Fintech Disrupt Challenge 2016

National Incubation Center Lahore is the most comprehensive experiential development platform for startups in Pakistan.

Karandaaz Pakistan, in collaboration with LUMS Center for Entrepreneurship (LCE), launches
Fintech Disrupt Challenge 2016 (FDC 2016) to invite technology based start-ups to propose innovative products to increase financial inclusion in Pakistan.

FinTechs that are shortlisted will be asked to present their pitches to a panel of judges on November 27, 2016 in Lahore to secure grants up to PKR 10 Million

Objectives of FDC 2016:

The competition aims to support young technology driven start-ups to propose and introduce innovative products and services in areas of payments, financing, insurance, savings and investment, infrastructure and cross-process support for Fintech’s. The objective of FDC 2016 is to not only financially support such ventures but also foster a culture of innovation and entrepreneurship and create linkages between innovators and the financial eco system.

Eligibility:

Applicant eligibility is based on support for:
1. Small, new firms based in Pakistan, which have been operating for less than two years
2. Have fewer than 20 employees
3. Have assets less than PKR 10 Million
4. Single founders are not eligible; applicants should be part of a team of founders who complement each other
5. Firms which have already raised more than PKR 10 Million are not eligible, but firms with offers of matching investment will be preferred

Process Details:

Call for Applications: October 23
Application Deadline: November 11
Notification of shortlisted applicants: November 18

The shortlisted start-ups will be invited to present their pitch in a rounds based competition on the day of the Fintech Disrupt Challenge, November 27 in Lahore. They will have 8-10 minutes to convince a panel of judges from Karandaaz Pakistan, LCE and the private sector. The proposals and pitches will be evaluated based on their innovativeness, scalability and financial viability, team strength, market opportunity and business model, existing traction and the social impact. As many as three winners will be announced on the day and will receive funding up to PKR 10 Million which will be tied to implementation and impact related milestones.

Responsibilities of the Finalists:
Once finalized, the winning companies will work with Karandaaz and LCE to develop mutually agreed upon performance measures and milestones and funding will be released to the start-ups based on this fund disbursement plan. The project duration is expected to be up to 6 months. The complete details on objectives, eligibility, process, evaluation criteria and finalist responsibilities can be found in this term sheet.

Note: All queries should be mailed to fintech@karandaaz.com.pk