Pakistani fintech company OneLoad has announced that it has raised $11 million in new funds to boost its growth.
OneLoad’s round was led by Pakistan’s Sarmayacar and Abu Dhabhi-based Shorooq Partners, with participation from the Bill & Melinda Gates Foundation’s strategic investment fund.
The fintech company also has International Finance Corporation (IFC) as its prior funder.
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OneLoad, owned by System’s Ltd subsidiary EP Systems, is digitising micro retailers for banking functions.
The Lahore-based fintech company is also an aspirant for the Electronic Money Institute (EMI) license and received the in-principle approval from the State Bank in January 2020.
Founded in mid-2014, OneLoad acquired retailers by enabling them to sell airtime of telecom operators digitally.
With its retailer base now intact, it has moved on to enable them to accept payments and plans further to equip them for cash-in and cash-out services.