OneLoad has raised $11mn as it enters its next phase of growth, led by Pakistan’s Sarmayacar and Abu Dhabhi-based Shorooq Partners, with participation from the Bill & Melinda Gates Foundation’s strategic investment fund
IN BRIEF:
OneLoad has raised $11mn as it continues to grow, helping digitise micro retailers for banking functions
It will use the equity to expand its suite of products and services, targeted at the large unbanked population in Pakistan, estimated at 100 million adults
Having received in-principle approval for an Electronic Money Institute licence, OneLoad will begin to convert retailers’ accounts into bank accounts and issue debit cards.
What does this mean?
The company hopes to become the “largest banking platform in the country for the unbanked world, the financially excluded market,” Muhammad Yar Hiraj, founder and chief executive officer at OneLoad said in an interview. “The aim is to become the largest micro branch for the the unbanked without actually owning any branch.”
