Pakistan’s payment company – Wemsol Pvt., better known as Keenu – is seeking $5 million funding from the International Finance Corporation (IFC).
Keenu, a Karachi-based company, makes point-of-sale debit and credit card machines. The company’s Chief Executive Officer, Syed Ejaz Hassan, said that Keenu will utilize the money for the expansion of its network, Bloomberg reported.
According to Numero Advisors, the company is also planning to create consumer and merchant wallets. For this purpose, it will seek a license from the State Bank of Pakistan (SBP).
Keenu is also the only non-bank entity in the point-of-sale space, with about 10,000 machines. This accounts for nearly 30 percent of the total market share.
IFC’s board will consider the investment proposal by end-August, a statement by IFC to media said.
If the transaction is successful, it will mark a record fundraising spree by Pakistan’s startups. Numero Advisors are arrangers of the transaction.
Since January this year, Pakistan’s startups have raised a record $101 million.
A major chunk of this funding has gone to e-commerce and fintech firms, said the news report quoting a tracker from venture capitalist fund Invest2Innovate.
However, a major chunk of the country’s population remains out of the formal banking channels. According to the World Bank data, Pakistan has the third-largest unbanked adult population globally, with about 100 million adults without a bank account.