Pakistani startups raised $74.7 million in Q3, but one deal made 91 percent
i2i Ventures counts five deals in the quarter, led by Fasset's $68 million Series C. Without it, startups raised about $6.7 million.
Pakistani startups raised $74.7 million across five deals in the third quarter of 2026, according to the quarterly report from i2i Ventures, published on 6 October. That is nearly five times the $15.3 million raised across nine deals in the same quarter of 2025.
The headline is flattered by one company. Fasset, a stablecoin powered neobank for emerging markets, accounted for about 91 percent of the total. It raised $68 million in a Series C round at a $1 billion valuation, led by Japan's SBI Group, which made it a unicorn. Wamda reported the round on 24 August and described Fasset as UAE based. i2i counts it because Pakistan is a key market in its strategy.
Strip Fasset out and the picture is thin. The other startups raised roughly $6.7 million, which i2i reads as a sign that early stage money in Pakistan is still scarce. Across the first nine months of 2026, startups raised $133.7 million over 10 deals.
The remaining deals were small. QistBazaar raised Rs500 million, about $1.8 million, through a privately placed Sukuk. Edversity, an education technology company, raised $400,000 from Rapidev Group for international expansion. Oraan, a consumer fintech, raised an undisclosed sum from Epic Angels along with existing investors Wavemaker and i2i Ventures.
Policy and exits
The report also tracks the rules around investors. The Securities and Exchange Commission of Pakistan has sent a draft Venture Capital bill to the Board of Investment for consultation. The report notes that much venture activity in Pakistan is structured offshore today.
The government has also announced a $10 million fund under the second phase of the Pakistan Startup Fund. The plan is to anchor a larger fund of $25 million to $50 million with a manager chosen through a tender. On exits, i2i points to the Tasdeeq IPO on the Pakistan Stock Exchange in August and says exits remain the biggest gap in the ecosystem.
Reported from the i2i Ventures Q3 2026 report, with coverage in Nukta and Wamda.
