Pakistani Fintech Startup OneLoad Raises $11 Million Series A

Pakistan-based fintech platform OneLoad has raised $11 million in a Series A round led by Sarmayacar and Shorooq Partners, with participation from the Bill & Melinda Gates Foundation’s Strategic Investment Fund, and current investor Systems Limited.

Founded in 2014 by Muhammad Yar Hiraj, OneLoad enables micro-retailers to connect with suppliers, accept digital payments and provide capital options for their business needs.

Pakistan’s fintech sector has been booming since 2021. In H1 2022, the country’s fintech startups raised $80 million in funding, according to data platform Magnitt. Some of the highest funding rounds this year include Dbank, raising $17.6 million in July; NayaPay, securing $13 million in February; and SadaPay, closing $10.7 million in April.

“Our vision is to fully digitize the financial needs of the unbanked and the financially excluded masses in Pakistan,” Muhammad Yar Hiraj, founder and CEO of OneLoad, tells StartupScene. OneLoad’s parent company, EP Systems, has received the Electronic Money Institutions (EMI) license from the State Bank of Pakistan to operate as a fintech company. “We appreciate the support of our investors to build on our success and scale up our portfolio of financial products for the unbanked.”

The money raised will be used to expand the startup’s suite of products and services to further reach Pakistan’s unbanked population, which is estimated at 100 million people according to OneLoad.