Elphinstone Acquires WealthTech Startup Trikl, Marking First Major Consolidation in Pakistan’s WealthTech Sector
Y Combinator-backed investment platform Elphinstone has announced its acquisition of Trikl, a Pakistan-based WealthTech startup supported by Orbit Startups. The financial terms of the deal remain undisclosed, but the acquisition marks a significant milestone as the first major consolidation in Pakistan’s WealthTech sector.
Haseeb Siddiqui, Co-founder and CEO of Trikl, expressed his gratitude, stating, “I’m grateful to have worked with a team of exceptional individuals who built an impactful product with passion in a tough space. This acquisition is a testament to the value 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.”
Elphinstone intends to leverage Trikl’s technology stack to enhance its digital asset management and personal financial management services. The acquisition will enable Elphinstone to expand its product offerings, broaden its market reach, and introduce cutting-edge digital financial solutions for Pakistani users. As part of the transition, Siddiqui will step down from his role but will remain involved with Elphinstone as a member of its Board of Directors to support the company’s strategic growth.
Farooq Tirmizi, Co-founder and CEO of Elphinstone, commented, “Our goal is to cater to the full spectrum of saving and investing needs of Pakistanis. While we’ve started off by helping Pakistanis with USD income or assets access the US markets, our ultimate aim has always been the deepening of domestic capital markets. Leveraging Trikl’s platform, supported by SECP’s conducive regulations, significantly accelerates our mission.”
Elphinstone, co-founded in 2020 by Tirmizi and Uzair Mahmud, has steadily grown, primarily by enabling Pakistani users to invest in U.S. stocks and ETFs through its mobile app, Elphinstone US. With both conventional and Islamic investing options, the platform has built a robust customer base, optimizing investment portfolios through demographic and financial data. Elphinstone manages over $1 million in assets and has raised $1.5 million from prominent investors, including Y Combinator, Soma Capital, and Hi2 Global.
In a statement celebrating the acquisition, Sabr Capital, an investor in Trikl, remarked, “Reinforcing Pakistan’s position as a breeding ground for innovation and a testament to its startup ecosystem … we are proud to be one of the early believers in Trikl, and prouder to see the successful acquisition of Trikl! Congratulations to Haseeb, the Trikl team, our co-investors, and all the beneficiaries!”
Trikl, co-founded in 2022 by Siddiqui and Momin Abrar, is one of Pakistan’s pioneering digital Asset Management Companies (AMCs) operating under the SECP’s Regulatory Sandbox. Its technology integrates automated investing, expense tracking, and personal financial management, positioning it as a key player in the country’s WealthTech space. Notable investors in Trikl include Hi2 Global, Kube VC, Sabr Capital, and Cordoba Ventures.
Looking ahead, Elphinstone plans to capitalize on Trikl’s technology and regulatory foundation to deepen retail investing in Pakistan. The company is considering new asset classes, domestic mutual funds, and 401(k)-style provident funds tailored for the local market, aligning with its vision to cater to a broad range of saving and investment needs in Pakistan. The strategic expansion also aligns with SECP’s supportive regulations, aimed at bolstering domestic capital markets and fostering a more robust ecosystem for local investors.
