Saturday, October 23, 2021

Pakistani startup PostEx raises $1.5m for its fintech and logistics platform - DAWN.com

Last updated Tuesday, October 5, 2021 02:26 ET , Source: TopWireNews

PostEx, a Pakistani fintech and logistics startup, has announced that it has raised $1.5 million in seed funding from leading institutional investors.
The startup said its initiative was aimed at solving challenges around cash on delivery with instant and upfront payments "by scaling its one-stop shop for financing and logistics solutions for e-commerce platforms".
The round was led by MSA Capital, an investor in Uber and Klarna among other major tech companies, with participation from the UAE-based Shorooq Partners, Pakistan-focused Zayn Capital, Dubai-headquartered VentureSouq, PNO Ventures, 92Ventures as well as the CEO of Arbisoft, Yasser Bashir.
PostEx says it is working to solve the problems of cash recovery cycles and working capital constraints that hamper businesses’ scaling by providing upfront payment through cash on delivery.
Founded by Omer Khan, Saad Mahmood, Babar Razzaq and Adil Naseem, the startup plans to utilise the funds to grow its products and bring depth to its existing technology-based CoD financing platform. Currently operating with a team of over 150 members, it plans to further grow its team as it scales to new clients and services.
Khan said, “Pakistan’s e-commerce landscape is rapidly evolving and lack of access to financing opportunities is hampering the growth of online merchants and e-commerce landscape broadly."
"Our goal is to be the first and last source of funds of fast-growing e-commerce businesses to meet all their capital requirements...

Read Full Story: https://www.dawn.com/news/1650256

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