PostEx, Pakistani FinTech cum logistics startup has announced it has raised $ 1.5 million in seed funding from leading institutional investors to address immediate and upfront cash advance issues by expanding its finance, logistics solutions and e-commerce platforms.
The funding was led by international private equity firm MSA Capital, which has previously invested in Uber, Klarna, Nubank and Swvl. The tour was also attended by Shurooq partners from the UAE: Zain Capital, Souq Venture, BNO Ventures and 92 Ventures Pakistan. Arbisoft Pakistan CEO Yasir Bashir took part as a business angel.
PostEx raised a previously undisclosed amount in a preliminary funding round.
In a predominantly cash based economy, doing business online entails cash-back cycles that impede expansion due to working capital constraints. End-phase supply problems will also lead to frequent cancellations and a lack of funding options, which will negatively impact the growth of e-commerce in Pakistan.
PostEx solves both problems by offering prepaid cash on delivery, complementing it with an efficient in-house logistics fleet for e-commerce companies.
The end-to-end financial product and digital payments complemented by PostEx logistics provide the ideal moat and place it at the center of a unique e-commerce business where more and more retailers are selling their products online.