Newly established Pakistani startup raises 1.5 million for its fintech and logistic platform
PostEx was founded in 2020 to offer online sellers upfront payments for their cash-on-delivery orders.
Lahore-based fintech and logistics company PostEx has raised $1.5 million in seed funding from leading institutional investors.
Seed funding is a kind of securities offering in which an investor lends capital to a startup company in exchange for an ownership stake or equivalent note stake in the firm.
Omer Khan, Babar Razzaq, Saad Mahmood, and Adil Naseem founded PostEx in 2020. The company offers online sellers upfront payments for their cash-on-delivery orders for a fixed fee. The startup works with online sellers, and it doesn’t make retailers wait to receive the payments for their cash-on-delivery orders.
Majority of people in Pakistan pay using the cash-on-delivery payment method during online shopping. The payment cycles for CoD range between a week to a month, creating cash flow issues for the online sellers.
PostEx has been trying to solve these issues with its fintech and logistics policies. In addition, PostEx also offers a payment gateway that the sellers can integrate on their website to accept online payments using bank accounts, cards, and mobile wallets.
The co-founder and CEO of PostEx, Omar Khan, said, “Pakistan’s eCommerce landscape is rapidly growing, and the lack of access to financing opportunities is broadly hindering the growth of online merchants and the eCommerce landscape.”
“We aim to be the first and last source of funds for fast-growing e-commerce businesses to meet their capital requirements and expedite their growth. With fresh supplies and a capacity to provide over $50 million a year in financing to companies, we want to change the face of lending in Pakistan.”
The Co-Founder and Managing Partner at Zayn Capital, Faisal Aftab, said, “PostEx is solving key issues 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.”
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