Elphinstone, a Y Combinator-backed fintech that allows Pakistani retail investors to invest in US stocks and ETFs has acquired Trikl, a local investment platform and digital asset management company, the two announced in a statement to MENAbytes today. While financial details weren’t disclosed, the deal values Trikl at a seven-digit USD figure.
Founded in 2020 by Farooq Tirmizi and Uzair Mahmud, Elphinstone operates a mobile app that enables users from Pakistan and other markets to invest in US stocks and ETFs. The company offers both conventional and Islamic investing options through advised portfolios and self-directed investments.
Since its launch in January 2022, Elphinstone claims to have grown its revenue at an average of 25% monthly and currently manages over $1 million in client assets. The Y Combinator-backed startup has raised $1.5 million to date from investors including Soma Capital, Hi2 Global, and various angel investors.
Trikl, founded in 2022 by Haseeb Siddiqui and Momin Abrar, is one of Pakistan’s first Digital Asset Management Companies approved by the Securities and Exchange Commission of Pakistan (SECP). The startup offers automated investing and personal financial management services through its mobile app. 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.
Farooq Tirmizi, co-founder and CEO of Elphinstone, said, “Our goal is to cater to the full spectrum of saving and investing needs of Pakistanis. While we’ve started off in the niche of helping Pakistanis who have USD income or assets access the US markets, our ultimate aim has always been the deepening of domestic capital markets, and being able to do so with the platform Trikl has built is a major accelerant in achieving that goal.”
Haseeb Siddiqui, co-founder and CEO of Trikl, commented on the acquisition saying, “I’m grateful to have worked with a team of exceptional individuals who built an impactful product with passion in a tough space, and this acquisition is a testament to the value that they’ve created. I’m very excited for what the future holds, as this consolidation will bring even more innovative personal financial management products to Pakistan.”
Following the acquisition, Elphinstone plans to leverage Trikl’s technology and regulatory status to build infrastructure for retail investing in Pakistan and introduce new asset classes.
The startup will continue offering domestic mutual funds to individual customers and plans to introduce 401k-style provident fund schemes in the country. Trikl’s co-founder and CEO Haseeb Siddiqui will step down from his position and join Elphinstone’s Board of Directors.
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