Biography of Zain Farooq: Founder & CEO of Sullis & MyTM -Entrepreneur
Biography of Zain Farooq:
From Medicine to Entrepreneurship
Zain Farooq’s journey is one of transformation and
resilience. Initially, his academic path was set in the medical field. He
pursued his education at Dalian Medical University, where he earned his
Bachelor of Medicine and Surgery (MBBS) degree. However, despite his medical
background, Zain felt a calling to the world of business and technology, which
led him to pivot into entrepreneurship. His career path illustrates how one can
shift from one field to another while still leveraging core skills like problem-solving
and leadership.
The Birth of MyTM
In August 2015, Zain took the bold step of founding MyTM, a
company focused on youth empowerment and economic development in Pakistan. The
company was officially registered in 2018, but the seed for it was planted long
before that. MyTM aimed to provide a platform for young people to engage with
the digital economy, offering a range of services that would empower
individuals and businesses alike. Zain’s vision for MyTM was not just about
building a company, but creating a significant social impact in Pakistan by
providing accessible financial and technological solutions.
The Struggles of Entrepreneurship
Like many entrepreneurs, Zain’s journey was not without its
challenges. He faced over 800 rejections from investors, a testament to the
uphill battle many startups face in a tough economic environment. Despite the
setbacks, Zain remained persistent. He didn’t let rejections define him or his
company. Instead, he used these challenges as motivation to refine his business
and keep pushing forward. His unwavering determination paid off, and MyTM grew
into a company that would soon garner international attention.
Breaking New Ground at GITEX Supernova
A pivotal moment in MyTM’s story came in 2021 when the
company participated in the prestigious GITEX Supernova competition. Competing
against more than 2200 startups, MyTM emerged as the first Pakistani startup to
win at the event. This victory was not just a personal triumph for Zain but
also a significant milestone for Pakistan's growing startup ecosystem. It
proved that Pakistani startups had the potential to compete on a global stage,
breaking barriers and gaining recognition from a wider audience.
Expanding Horizons: LEAP in KSA
Zain’s international ambitions continued to unfold with
MyTM’s participation in the LEAP event in Saudi Arabia in 2022. During this
event, Zain and his co-founder, Jawad Mahmood, secured a million-dollar
contract, solidifying their company’s position in the global fintech space.
Additionally, the support from organizations like Ignite and DCO further
propelled MyTM’s growth. The company also received three NOCs from the Saudi
Arabian Monetary Authority (SAMA) for their Digital SME lending platform, showcasing
their expanding presence in the Middle East.
The Xtreme Tech Challenge USA
Another highlight in MyTM’s journey came in 2022 when the
company participated in the Xtreme Tech Challenge USA. Competing in the fintech
category, MyTM made it to the finals and secured a runner-up position. The
opportunity to pitch in front of high-profile personalities like Bill Gates and
Pitbull was a major endorsement of the company’s potential. This recognition
brought even more credibility to Zain’s vision and highlighted the innovation
MyTM brought to the fintech industry.
The All-In-One MyTM App
MyTM’s success is not just about winning awards and
accolades; it’s also about providing valuable services to users. The MyTM app
has become a comprehensive solution for various services, including payment
transfers, bill payments, movie tickets, bus tickets, air tickets, and Umrah
packages. These services are available both online and at MyTM Dukaan
locations, making them easily accessible to users. The app is designed to save
people time and money, fulfilling Zain’s vision of creating a platform that simplifies
financial transactions for everyday users.
Biography of Zain Farooq: Founder & CEO of Sullis & MyTM -Entrepreneur/digital solutions/cashback and airport lounge access/startup/Zain Farooq story
The Sullis Card: Innovation in Financial Services
Another milestone for MyTM came with the launch of the
Sullis Card, developed in collaboration with JS Bank, Zindigi, and Mastercard.
This card was specifically designed to cater to the needs of Hajj and Umrah
pilgrims. Offering benefits such as cashback, airport lounge access, and the
ability to use the card at any POS machine in Saudi Arabia, the Sullis card was
a game-changer for travelers. With plans to extend this service to pilgrims
from other countries, Zain’s innovation in financial services continued to set
MyTM apart.
A Journey of Resilience
Zain Farooq’s journey to success was far from easy. He faced
countless challenges, including a difficult funding environment and the
complexities of managing a startup in a developing market. However, his
resilience paid off. Despite only securing $150,000 in funding during his early
years, MyTM's revenue grew steadily. Today, MyTM boasts an annual turnover of
$2 million and a GMV of over $5 million. The company employs over 200 people in
six cities across two countries, proving that Zain’s determination and vision
have paid off.
The Future of MyTM and Zain’s Vision
Looking ahead, Zain Farooq continues to innovate and expand
MyTM’s reach. With a growing team, a broad range of services, and a strong
presence in international markets, Zain’s vision is clear: to make MyTM a
global leader in fintech and e-commerce. His journey from medical school to
becoming a successful entrepreneur is a testament to the power of perseverance,
innovation, and the drive to make a difference in the world. As he continues to
lead MyTM, Zain remains committed to his mission of empowering youth and
driving economic growth through digital innovation.
Timeline for story
Medical Education: Zain Farooq begins his academic journey
at Dalian Medical University, earning a Bachelor of Medicine and Surgery (MBBS)
degree.
2015: Zain shifts from medicine to entrepreneurship,
founding MyTM, a company focused on youth empowerment and economic development
in Pakistan through digital solutions.
2018: MyTM is officially registered, offering financial and
technological solutions to empower individuals and businesses in Pakistan.
Challenges and Persistence: Zain faces over 800 rejections
from investors but remains persistent, using setbacks as motivation to refine
and grow MyTM.
2021: MyTM wins the prestigious GITEX Supernova competition,
becoming the first Pakistani startup to do so, gaining international
recognition.
2022: MyTM participates in LEAP in Saudi Arabia, securing a
million-dollar contract and receiving three NOCs from the Saudi Arabian
Monetary Authority (SAMA).
2022: MyTM competes in the Xtreme Tech Challenge USA, making
it to the finals and securing a runner-up position, earning recognition from
figures like Bill Gates and Pitbull.
MyTM App Launch: The MyTM app becomes an all-in-one platform
offering services like payment transfers, bill payments, and travel bookings,
available online and at MyTM Dukaan locations.
Sullis Card Launch: MyTM introduces the Sullis Card, in
collaboration with JS Bank, Zindigi, and Mastercard, offering benefits to Hajj
and Umrah pilgrims, including cashback and airport lounge access.
Growth and Revenue: Despite early funding challenges, MyTM
grows its revenue to $2 million annually with a GMV of over $5 million and
employs over 200 people across six cities in two countries.
Future Vision: Zain aims to make MyTM a global leader in
fintech and e-commerce, continuing to empower youth and drive economic growth
through digital innovation.
