a16z leads $12.9M round for ZAR to bring stablecoins to Pakistan’s unbanked
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Fintech startup ZAR aims to use Pakistan’s corner stores and kiosks to make stablecoins accessible to millions of unbanked citizens.
Venture capital giant Andreessen Horowitz (a16z) is leading a $12.9 million funding round for ZAR, a one-year-old fintech startup aiming to make dollar-backed stablecoins accessible to everyday consumers in Pakistan and other emerging markets.
The round drew participation from Dragonfly Capital, VanEck Ventures, Coinbase Ventures and Endeavor Catalyst, according to a Tuesday report by Bloomberg. The startup is targeting Pakistan’s 240 million people, where the World Bank estimates over 100 million adults remain unbanked.
Unlike many crypto companies focused on apps or global exchanges, ZAR plans to distribute stablecoins through local corner stores, phone kiosks and money agents, the same network used for mobile top-ups and remittances.
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