Pakistan-based fintech start-up, PostEx, has managed to raise $1.5 million in seed funding to offer payment to online sellers on their cash-on-delivery orders. The fintech-based startup has managed to acquire funding in the seed round which was led by MSA Capital. There were several companies that participated in the seed round including Zayn Capital, Shorooq Partners, Venture Souq, PNO Ventures, 92Ventures, and Yasser Bashir.
The seed round was led by global VC MSA Capital, this is the same investor who also invested in Uber, Klarna, Nubank, and Swvl. The rest of the companies also participated in this round, whereas, Arbisoft CEO Yasser Bashir was present as an angel investor.
The company provides solutions to overcome the challenges that occur in cash recovery cycles. In a cash-based economy, there are several challenges faced by people in terms of recovering their cash. There is a lack of financial operations available to people which eventually affects the growth of the business. PostEx provides an all-in-one solution for providing financing and logistics to e-commerce platforms through fintech-based solutions. Moreover, PostEx also provides a payment gateway for sellers who can accept online payments through mobile wallets, bank accounts, and cards as well.
Omer Khan, co-founder and CEO of PostEx, stated on the occasion,
“Pakistan’s ecommerce landscape is rapidly evolving and lack of access to financing opportunities is hampering the growth of online merchants and ecommerce landscape broadly. Our goal is to be the first and last source of funds of fast-growing ecommerce businesses to meet all their capital requirements to accelerate their growth. With fresh funds and a capacity to provide over $50 million a year in financing to companies, we are on a mission to change the face of lending in Pakistan.”
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