Keenu All Set to Merchandise Startups in Pakistan
Statistics show that the startups in Pakistan have raised a record $101 million in the first half of this year as compared to $65.6 million last year
In the latest article of Bloomberg, Wemsol Private Limited, also known as Keenu is planning to raise as much as $5 million from the International Finance Corporation (IFC) that would set a record of fundraising spree by Pakistan’s startups.
Keenu, a Karachi-based company, provides point-of-sale (POS) debit and credit card machines and it will use the capital to expand its network through various startups in Pakistan.
The article says the Chief Executive Officer (CEO) Syed Ejaz Hassan is of vision to create merchant wallets and the company will soon seek a license from the central bank for this purpose.
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Moreover, journalist Faseeh Mangi shared some profitable statistics that are making Keenu enter the lucrative market of consumer and merchant wallets.
He added that Keenu is the only non-bank in Pakistan with 30% market share in the POS payments space.
Exclusive: Keenu is also entering the lucrative consumer and merchant wallets space. Its the only non-bank in Pakistan POS payments space with a large 30% market sharehttps://t.co/fFUHm9WCsq
— Faseeh Mangi (@FaseehMangi) July 27, 2021
According to a tracker from venture capitalist fund Invest2Innovate, the startups in Pakistan have raised a record $101 million in the first half of this year as compared to $65.6 million previous year and Keenu is going to be a relevant POS facility to accommodate them.
The World Bank data shows that the South Asian nation has the third-largest unbanked adult population globally, with about 100 million adults without a bank account.
Considering the above figure, IFC’s board will design a strategy and plan out an investment plan by the end of August, which will help Keenu expand its network to small businesses.
