OneLoad, by Systems Limited’s subsidiary EP Systems, has recently secured $11 million in additional funding from Sarmaycar and Shorooq Partners, a leading Abu Dhabi-based venture capital firm.
Building on the vision of the CEO and Founder, Muhammad Yar Hiraj, OneLoad aims to use the capital to write a new growth chapter by launching multiple new products and expanding services in the unbanked Pakistani market.
Founder and CEO of OneLoad, Muhammad Yar Hiraj, said, “We are excited to bring new partners to the company like Sarmayacar and Shorooq Partners. Working with them brings valuable tech and venture capital expertise to the company and pushes us to continue to innovate and evolve with the regional and global markets. Our vision is to fully digitize the financial needs of the unbanked and the financially excluded masses in Pakistan.”
He added, “We appreciate the support of our investors to build on our success and scale up our portfolio of financial products for the unbanked. The recent acquisition of NdcTech and this funding will play a crucial role in Systems Limited leading the banking and financial sector towards digital prosperity and inclusion.”
Over the years, OneLoad has been backed by leading investors who believe in its mission of making banking accessible to people who do not have access to traditional banking services. Last year, OneLoad secured financial capital from the Bill & Melinda Gates Foundation and received additional funding recently. In early 2020, International Finance Corporation (IFC) announced an investment in OneLoad, one of the first fintech products to receive IFC investment in Pakistan.
The company enables micro-retailers to easily connect with suppliers, leverage working capital options, and accept digital payments. OneLoad empowers micro retailers to establish new revenue streams by providing leading-edge services to their customer base, eventually making financial services accessible to all. This current investment is also a testament to the successful scaling of Oneload’s digital lending products.
The strategic collaboration with regulated financial partners and banks has led to daily disbursements worth PKR 10+ million, which created horizons of accelerated growth for numerous micro-retailers across the country.