Pakistan-based ecommerce fintech company PostEx has closed a US$8.6 million seed funding round, one of the largest early-stage funding deals to be seen in Pakistan.
The Lahore-based startup raised the funding in multiple tranches, with the latest led by Global Founders Capital, according to Bloomberg. The latest tranche also included participation from new investors FJ Labs and RTP Global, as well as MSA Capital, VentureSouq, Alma Capital and Zayn Capital.
Founded in April this year, PostEx helps to solve capital-related issues for ecommerce business through a unified payment and logistics solution. Funding will be used to expand to up to 20 new cities in Pakistan, as well as boost talent hiring and roll out more fintech products.
“The space has been underserved by traditional financial providers. Banks would not loan to e-commerce platforms because they don’t have anything to put as a collateral. We know their business. We understand that they’re growing very fast. So why not just use that as a collateral?,”
Omer Khan, Co-Founder and CEO of PostEx, told Bloomberg.
Earlier this year, PostEx had raised US$1.5 million in a seed tranche led by global venture capital and private equity firm MSA Capital.
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