Pakistani finetech OneLoad has secured $11 million funding, OneLoad is owned and operated by EP Systems a subsidiary of Systems Limited which is a Pakistani public technology company. The company filed in Pakistan Stock Exchange (PSX) on Monday.
The investment round was led by Sarmayacar and Shorooq Partners, a leading Abu Dhabi-based venture capital firm. Last year, OneLoad secured financial capital from the Bill & Melinda Gates Foundation.
OneLoad aims to use the latest funding for business expansion, launching multiple new products and expanding services in the unbanked Pakistani market.
In early 2020, International Finance Corporation (IFC) also announced an investment in OneLoad, one of the first fintech products to receive IFC investment in Pakistan.
The company said that “the strategic collaboration with regulated financial partners and banks has led to daily disbursements worth Rs10+ million, which created horizons of accelerated growth for numerous micro-retailers across the country.”
OneLoad Founder and CEO Muhammad Yar Hiraj said to Bloomberg that OneLoad operates through its 40,000 agents and conducted about $100 million in transactions last year. The company wants to increase daily transaction to one million a day from the current level of up to 400,000.
Under digital products and payments, OneLoad offers mobile top-ups, internet packages, and media and entertainment services. Under banking access, OneLoad enables money transfers, utility bill payments, deposits and withdrawals for digital wallets, wallet account opening and biometric verification, and government-to-person (G2P) payments – in partnership with banks.
“Working with them brings valuable tech and venture capital expertise to the company and pushes us to continue to innovate and evolve with the regional and global markets. Our vision is to fully digitise the financial needs of the unbanked and the financially excluded masses in Pakistan,” he said.