Technology

Pakistan OneLoad Raises Funds as Fintech Competition Picks Up

Pakistan’s fintech OneLoad, which targets micro-retailers, has raised $11 million to fund a growth phase as it focuses on tapping the world’s third-largest unbanked population.

The latest investment round was led by Sarmayacar and Shorooq Partners, with participation from the Bill & Melinda Gates Foundation’s Strategic Investment Fund, its first investment in Pakistan. OneLoad’s android application, used by mainly by small shopkeepers, is the largest non-banking digital transaction platform in Pakistan and serves several million customers each month. It partners with banks and telecom companies to offer services including payments, cash deposits and lending.