On Thursday, PayPro, a fintech start-up focused on business-to-business (B2B) and business-to-consumer (B2C) payments, reported that it had secured a Rs7.4 million grant from USAID Small and Medium Enterprise Activity Activity (B2C) (SMEA).
The grant is intended to help digitize micro, small and medium-sized enterprises (MSMEs) that want to start the digital payment process, according to a press release from PayPro.
“processed approximately 70,000 transactions valued at more than one billion in throughput till date, with more than 430 merchants accepting payments through its services and a market accessibility of 25+ financial institutions”
The grant will help PayPro to further expand its MSMEs marketplace platform with integrated solutions for digital commerce. The platform will also provide its users with a merchant portal and a mobile wallet to allow them to better manage their finances, resulting in seamless transactions.
The Chief Executive Officer of Fintech, Ali Janjua, called the grant “a testament to the efforts and the potential that the organisation has displayed since its inception”
“It bolsters our confidence to continue on our mission of transforming the digital financial infrastructure within the country,”It strengthens our trust to continue our mission of transforming the digital financial infrastructure within the country.
Janjua said that digital finance had become the backbone of progressive economies and stressed the need for sustainable transactions, especially during the pandemic of coronaviruses.
“As customers in Pakistan begin to accept the new normal, PayPro is making sure to provide them with the tools necessary to perform a diverse range of financial transactions,” the CEO said.
Fintech offers services to businesses in a number of industries, including agriculture, education, digital commerce, wellness, hospitality, non-governmental organizations, real estate, insurance and travel.
“With continuous onboarding of merchants, the ever-expanding digital ecosystem is being facilitated by PayPro in a way which will digitise the informal business segment and enable seamless integration for both businesses and customers,” the press release added.
A fintech start-up based in Karachi, Safepay, revealed last week that it had raised a seven-figure seed funding round led by the global payments platform, Stripe.