Pakistani fintech company, Elphinstone, backed by Y Combinator, takes over Trikl, a local investment platform.
In a significant development for Pakistan's fintech sector, Elphinstone, a fintech company backed by Y Combinator, has acquired Trikl, a local investment platform and digital asset management company.
Elphinstone, known for offering automated investing and personal financial management services through its mobile app, is set to leverage Trikl's technology and regulatory status to build infrastructure for retail investing in Pakistan and introduce new asset classes.
The Acquisition and Integration
Elphinstone has completed or is in the process of integrating Trikl’s technology, services, and teams into its operations. This move has strengthened Elphinstone’s foothold in the fintech sector, enabling it to offer an expanded portfolio of digital financial products.
Haseeb Siddiqui, Trikl's co-founder and CEO, will step down from his position and join Elphinstone’s Board of Directors.
Market Position and Future Plans
The acquisition has positioned Elphinstone as a key player in Pakistan's fintech market, aimed at enhancing digital financial services. Leveraging Trikl’s innovative solutions, Elphinstone is improving its backend infrastructure and user experience.
Elphinstone plans to launch new digital financial services targeting underserved segments in Pakistan, such as digital wallets, credit solutions, and payment platforms. The company aims to scale operations domestically with eventual regional expansion ambitions.
Continued investment in technology development, including AI-driven financial tools and enhanced cybersecurity measures, is a focus for the future. Building collaborations with banks, telecom operators, and regulatory bodies to foster fintech ecosystem growth is also on the agenda.
The Road Ahead
With the acquisition, Elphinstone and Trikl are gearing up to become key drivers of financial inclusion and digital transformation in Pakistan’s fintech space. For the most current and detailed updates, it is advisable to refer to official statements from the companies or credible industry news sources.
Elphinstone currently manages over $1 million in client assets. Since its launch in January 2022, the company claims to have grown its revenue at an average of 25% monthly.
As for Trikl, founded in 2022, it is one of Pakistan's first Digital Asset Management Companies approved by the Securities and Exchange Commission of Pakistan (SECP). Prior to the acquisition, Trikl had raised an undisclosed pre-seed round from investors including Hi2 Global, Kube VC, Sabr Capital, Cordoba Ventures, and WE& Capital.
The deal values Trikl at a seven-digit USD figure, but financial details weren't disclosed.
Meanwhile, in other fintech news, MedIQ, a Pakistani healthcare startup, has raised $6 million Series A to further expand its operations in Saudi Arabia. Colabs, a Pakistani co-working spaces business, has raised $2 million pre-Series A to expand its operations to Saudi Arabia.
In the gaming sector, Saudi VC Impact46 has invested $6.6 million across five gaming studios. Bazaar, a Pakistani ecommerce startup, has acquired payments leader Keenu as it pushes into fintech and eyes profitability. Breadfast has raised $10 million from EBRD as part of Series B2, with a valuation nearing $400 million.
Finally, Flat6Labs has restructured under a new F6 Group with a dedicated VC arm F6 Ventures.
These developments underscore the vibrant and dynamic nature of Pakistan's startup ecosystem, particularly in the fintech and tech sectors. As these companies continue to innovate and grow, they are poised to make a significant impact on the nation's digital landscape.
Elphinstone's acquisition of Trikl demonstrates their strategic approach to expanding their business, as they aim to introduce new asset classes and invest in technology development. By leveraging Trikl's technology, regulatory status, and innovative solutions, Elphinstone aspires to become a key player in Pakistan's fintech market.
With their focus on AI-driven financial tools, enhanced cybersecurity, and digital financial products tailored for underserved segments, Elphinstone is positioning itself for growth, domestically and regionally, while fostering collaborations with various stakeholders to nurture the fintech ecosystem.
