Lahore-based OneLoad, a fintech business based in Pakistan, has revealed that it has raised $11 million in fresh capital as it prepares for its next stage of expansion. The Bill & Melinda Gates Foundation’s strategic investment fund joined Pakistan’s Sarmayacar and Abu Dhabi-based Shorooq Partners in OneLoad’s round of funding. International Finance Corporation (IFC) was another former investor in the fintech business.

UAE to invest $1 billion in Pakistani companies, Shehbaz Sharif thanks UAE

According to sources, OneLoad has satisfied the standards of the central bank and is awaiting approval for the pilot operations. OneLoad, which was established in the middle of 2014, gained retailers by allowing them to digitally sell telecom operators’ airtime. Since its retailer base is still intact, it has advanced to making it possible for them to take payments and has further ambitions to give them the tools necessary for cash-in and cash-out services.

OneLoad intends to offer debit cards and convert OneLoad accounts into bank accounts using the EMI license. “OneLoad instructed merchants to keep cash on hand as a store of value. That store of value will change into a bank account through EMI, enabling OneLoad to provide a debit card for that account. Retailers will be able to accept payments through QR codes and from other digital wallets since it will become a bank account.

EP Systems, a subsidiary of System’s Ltd, owns OneLoad, which is digitizing smaller retailers for banking operations. The Lahore-based fintech business gained in-principle clearance from the State Bank in January 2020 and is also vying for the Electronic Money Institute (EMI) license.

Pakistan targets for 60% renewable energy by 2030 with $600 billion investment

Additionally, digital loans are made available to retailers to help them with their working capital needs. OneLoad conducts loans through the NBFI licenses of partner businesses, and it is also working to obtain an NBFI license through its EP Systems. According to Hiraj, the entire OneLoad product line fundamentally aims to meet the financial demands of shops and give them the ability to offer banking services without actual bank facilities.

OneLoad will use the additional money to increase the number of products and services it offers to Pakistan’s massive unbanked population, which is thought to number 100 million adults. In a news release, Hiraj stated, “We are a grassroots company for the grassroots.”

(Visited 15 times, 1 visits today)

By hachitm

Leave a Reply

Your email address will not be published. Required fields are marked *