August 21, 2024 (MLN): PostEx, a Pakistan fintech, has announced a $7.3m pre-Series A funding round. The round was led by Conjunction Capital, the technology-focused, global venture capital firm.
Other participants included new investors, Dash Ventures, Sanabil500; and existing investors, VSQ, FJ Labs and Zayn VC.
The proceeds will assist PostEx support an aggressive expansion into the GCC, where new markets and customers will have access to PostEx’s services.
PostEx utilises a hybrid model of Fintech and Logistics. The company provides instant access to capital, removing conventional barriers and challenges of traditional financing methods while its embedded logistics solution makes e-commerce clients’ delivery operations far more efficient; mitigating customers’ cash flow issues.
The company crossed Annual Recurring Revenue of $21m, achieving profitability and is processing over four million monthly transactions.
Muhammad Omer Khan, CEO and Founder of PostEx, commented: “While the GCC & Pakistan have a thriving and fast-growing ecommerce landscape, the reality is that legacy financial institutions don’t fulfil the needs of digital entrepreneurs and online businesses.
Ecommerce businesses need access to flexible and affordable funding solutions and our mission at PostEx is to empower online sellers by addressing their most critical challenge: access to the right capital to grow their business through our advanced embedded logistics solution.”
Kirill Kozhevnikov, Managing and Founding Partner at Conjunction Capital, commented, said: “Our investment in PostEx underscores the strategic importance of the Saudi Arabian market as a key growth area within the GCC.
PostEx’s innovative approach to integrating fintech with logistics positions them uniquely to address the evolving needs of e-commerce businesses in this region. We are committed to supporting their expansion and driving further advancements in the market.”
PostEx acquired Pakistani logistics service provider, Call Courier, in 2022, expanding its footprint across the entire country. Prior to its pre-Series A, PostEx had raised $8.6m from investors including Global Founder Capital, MSA Capital, and Shorooq Partners.
"Pakistan fintech PostEx raises $7.3m in funding" was originally published by Electronic Payments International, a GlobalData owned brand.
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Posted on: 2024-08-21T10:38:10+05:00
