State Bank of Pakistan Has Ordered the Fintech Startup Tag to Refund Customers

Tag was a one-year-old startup that provided users with banking and financial services such as receiving money, bank transfers, and instant P2P transfers via its Tag Debit Card.

Due to “other issues” and regulatory violations, the State Bank of Pakistan has ordered fintech firm Tag to immediately return all customer payments, raising existential concerns about the company’s survival.

The regulatory action follows a month-long investigation of Tag, which provides banking and financial services to customers in Pakistan. According to investor, the firm has been charged with falsifying paperwork submitted to the central bank. The central bank set an August 19 deadline for the return but did not specify any legal requirements Tag had violated.

Tag co-founder Ahsan Khan accused Tag’s other co-founder Talal Gondal of sending that paperwork to the central bank in a letter to investors in June; once the fraudulent act was discovered, the bank banned the startup.

Tag quickly became one of Pakistan’s fastest growing startups, receiving a $100 million valuation during its initial fundraising round in September last year. Liberty City Ventures, Canaan Partners, Addition, and Mantis are among the investors.

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138 thoughts on “State Bank of Pakistan Has Ordered the Fintech Startup Tag to Refund Customers

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