Oneload, a financial technology startup based in Pakistan, has received $11 million in funding.
It was announced on Monday that OneLoad, a Pakistani fintech startup that EP Systems, a subsidiary of Systems Ltd, had secured $11 million in funding. An announcement from Systems Limited, a publicly traded Pakistani technology company, was made to the Pakistan Stock Exchange (PSX).
An announcement says that Ramayakar and Sharuk Partners, two of the most prominent venture capital firms in Abu Dhabi, led the round.
The Bill and Melinda Gates Foundation has been funding OneLoad since last year and has recently provided additional capital for business expansion and product development. New products and services will be launched and expanded to Pakistan’s unbanked population as a result of the company’s latest funding.
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Moreover, in early 2020, IFC plans to invest in Pakistan’s OneLoad, a pioneering fintech startup. Using regular financial partners and banks, companies like this one have been able to help micro-retailers across the country, resulting in daily payments of more than Rs 10 million.
Last year, Oneload’s 40,000 agents handled nearly $100 million in transactions. To reach a daily transaction volume of 1 million, CEO Muhammad Yar Hiraj stated that his company’s goal is to increase daily transactions from 400,000 to 1 million.
OneLoad has you covered when it comes to digital products and payments with mobile top-ups, internet bundles, and media and entertainment options.
Among the services offered by OneLoad under the Banking Access section are money transfers and utility bill payments, as well as deposits and withdrawals from digital wallets and the creation of wallet accounts with biometric verification and government-to-person (G2P) payments in collaboration with banks.
“We are excited to bring new partners like Mayakaar and Shurook Partners to the company,” Hiraj stated in the PSX notice.
With their knowledge of technology and venture capital, we can compete in local and global markets. ” Pakistan’s unbanked and financially excluded citizens will be fully digitized,” he said.
DBank, a Sequoia Capital-backed Pakistani fintech, announced earlier this week that it had raised $17.6 million in seed funding, making it Pakistan’s largest seed round ever.
Investment in Pakistan’s startup sector is expected to reach a new high in 2021. VavaCars and Airlift, among others, have announced they are shutting down despite having strong momentum going into this year.
OneLoad Wants to Transform the Pakistani Top-Up Mobile Market
Using OneLoad’s single platform, retailers can now top up any mobile phone number from any mobile phone operator. Using Pakistan’s new OneLoad service, retailers no longer have to stock up on five different mobile phones to top off their customers’ mobile accounts.
Because of their top-up business, they keep separate mobile balances on each of their five phones, which is a pain in the neck. This $500 billion-a-year market is about to undergo a seismic shift. Continue reading to learn more about how this works.
With a single device and one universal balance, the Systems Limited subsidiary, OneLoad, has developed an all-in-one platform that includes a mobile app and a web portal for retailers to top up any mobile number from any mobile phone operator.
Retailers rely heavily on Pakistani fintech startup One Load’s app.
OneLoad, Pakistan’s largest non-banking digital transaction platform, was founded in Pakistan by a group of fintech entrepreneurs. Many small business owners in Pakistan use OneLoad.
To provide services like cash deposits and loans, banks and telecommunications companies collaborate.
An investment in OneLoad, a Pakistani fintech product, has also been announced by IFC. As a result of a strategic partnership with regulated financial partners and banks, “numerous micro-retailers across the country have seen horizons of increased growth,” the company said.
All of these products and services fall under the umbrella of digital products and payments, which One Load provides. Using OneLoad’s banking access, you can transfer money, pay utility bills, deposit and withdraw money from your digital wallet, verify your biometrics, and pay for government-to-person (G2P) payments.
