ZAR, a startup based in Pakistan, has secured $12.9 million in funding from venture capital firm Andreessen Horowitz to pursue its goal of introducing stablecoins to the country’s unbanked population.
Other investors in this funding round include Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst. With a population of approximately 240 million and over 100 million unbanked adults, Pakistan represents one of the largest untapped markets for fintechs focused on financial inclusion.
ZAR’s business model centers on partnerships with local neighborhood shops, payment kiosks, and remittance agents, enabling consumers to quickly convert cash into stablecoins. Previous efforts to engage the unbanked have primarily relied on smartphone usage.
This initiative follows the implementation of new regulations for digital assets under the Virtual Assets Ordinance 2025, which created the Pakistan Virtual Assets Regulatory Authority to oversee this emerging asset class.