Karachi's NED University Alum Raises $100 Million For Silicon Valley FinTech Startup
|Dr. Safwan Shah, CEO PayActiv Inc.|
“American families are facing more financial stress than they have in generations. The timing gap between work and wages is the main reason workers get hit with punitive late fees, overdraft fees and other penalties. Cumulatively, these fees reduce wages by seven percent every month. The PayActiv platform is the only system where everyone wins: employers lift worker morale with little to no cost and huge dividends; employees get wages when they actually need them most; and cash re-enters the economy faster, making communities financially healthier.”
Dr. Safwan Shah graduated with a bachelor's degree in electrical engineering from NED University of Engineering in Karachi, Pakistan in 1985. After coming to the United States in 1989, Safwan received his Masters and Ph.D. degrees from University of Colorado at Boulder in 1990 and 1994 respectively.
Safwan started Infonox, a payment platform company, in 2005 and sold it to TSYS in 2008 for an undisclosed amount. He then started PayActiv in 2012.
NED University alumni Idris Kothari and Saeed Kazmi are among the early pioneering duo in the world of technology startups in Silicon Valley. Since 1980s, they have started, built and sold several technology companies, including VPNet, Silicon Design and VIA Technology. They are currently running Vertical Systems Inc. which has a development center in Pakistan.
Safwan Shah is one of the most successful entrepreneurs of Pakistani origin in Silicon Valley. Safwan Shah's startup is solving a real economic problem faced by millions of poor Americans. Like another successful NED alum Ashraf Habibullah of Computers and Structures Inc. (CSI), Safwan is also very generous with his time and money for NED University Alumni Association activities in Silicon Valley and elsewhere in the United States and the world. Safwan and Ashraf are among a handful of NED alumni in San Francisco Bay Area who have done very well and made fellow NED alumni take pride in their alma mater. Other successful NED alumni in Silicon Valley include Raghib Husain (Cavium/Marvel), Naveed Sherwani (SiFive), Rehan Jalil (Securiti.ai) and Khalid Raza (Viptela). They all serve to inspire NEDians everywhere.
Here's a video of Safwan Shah speaking at a Conscious Capitalism CEO Summit:
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