Lahore-based Fintech Startup PostEx Raises $1.5 Million
Pakistani fintech and logistics startup PostEx has successfully raised $1.5 million in a seed funding round directed by MSA Capital, as announced by the company today. Moreover, the seed funding round witnessed participation from Shorooq Partners, Zayn Capital, VentureSouq, PNO Ventures, +92 Ventures, and Arbisoft’s CEO Yasser Bashir.
Furthermore, the fintech startup, PostEx was established in 2020 by Omer Khan, Saad Mahmood, Babar Razzaq, and Adil Naseem. The startup offers online sellers upfront payments for their cash-on-delivery orders, for a fixed fee. PostEx works with online sellers as their last-mile logistics partner but what makes it different from so many other opponents in the business is that it doesn’t make sellers wait to collect the payments for their cash-on-delivery orders.
Fintech Startup PostEx Also Offers Payment Gateway Services
Moreover, the majority of the customers who shop online in Pakistan pay using the cash-on-delivery payment method, and the payment rounds for such orders vary between a week to a month which generates cash flow problems for the online sellers. The fintech startup, PostEx is working to solve these hurdles using the recently raised funding with its fintech and logistics platform. In addition to this, PostEx further offers a payment gateway that the sellers can integrate on their website to accept online payments using cards, bank accounts, and mobile wallets.
Lack of Financing Opportunities is Hindering the Growth of Online Merchants
Omer Khan, co-founder, and CEO reflecting on the occasion stated, “Pakistan’s e-commerce landscape is rapidly evolving and lack of access to financing opportunities is hampering the growth of online merchants and e-commerce landscape broadly. Our goal is to be the first and last source of funds for fast-growing e-commerce 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.”
Read more: Pakistani Buy Now, Pay Later Startup QisstPay Raises $15 Million Funding
The Recently Raised Seed Funding will be Used to Increase PostEx’s Products
The fintech startup, PostEx intends to use the latest raised seed funding to increase its products and grow its team. It currently employs 150 people in Lahore, Karachi, and Islamabad – the majority of which are part of its logistics team.
Moreover, Faisal Aftab, Co-Founder and Managing Partner at Zayn Capital, said, “Fintech startup, PostEx is solving key problems for the rapidly scaling e-commerce market in Pakistan through its factoring and logistics solution. Their innovative approach creates stickiness with retailers, providing the last mile and working capital solutions eventually becoming their financial products solutions provider.”
Source: MenaBytes
