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Pakistani fintech PayPro receives over Rs7 million in funding from USAID

PayPro, a fintech startup that focuses on business to business (B2B) and business to consumer (B2C) payments, announced on Thursday that it received a Rs7.4 million grant from USAID Small and Medium Enterprise Activity (SMEA) ).

According to a statement from PayPro, the grant aims to help digitize micro, small and medium-sized enterprises (MSMEs) that wish to initiate the digital payments process.

The fintech that launched in 2019 “processed approximately 70,000 transactions valued at more than one billion in throughput to date, with more than 430 merchants accepting payments through its services and a market accessibility from more than 25 financial institutions”.

The grant will allow PayPro to further develop its market platform for MSMEs with integrated digital commerce solutions. The platform will also include a commercial portal and a mobile wallet for its users, which will allow them to better manage their finances, resulting in continuous transactions.

Fintech’s executive director, Ali Janjua, called the concession “a testament to the efforts and potential that the organization has demonstrated since its inception”.

“This reinforces our confidence to continue our mission to transform digital financial infrastructure within the country,” he told the press release.

Janjua said that digital finance has become the cornerstone of progressive economies and emphasized the need for sustainable transactions, especially during the coronavirus pandemic.

“As customers in Pakistan begin to accept the new standard, PayPro is making sure to provide them with the tools they need to conduct a wide range of financial transactions,” said the CEO.

Fintech provides services to companies in various sectors, including agriculture, education, digital commerce, healthcare, hospitality, non-governmental organizations, real estate, insurance and travel.

“With the continued integration of merchants, the ever-expanding digital ecosystem is being facilitated by PayPro in a way that will digitize the informal business segment and allow for seamless integration for companies and customers,” added the press release.

Last week, a Karachi-based fintech startup Safepay announced that it had raised an initial seven-digit round of financing led by Stripe, the global payments platform.

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