OneLoads loads up with $11m

OneLoad, which targets micro-retailers in Pakistan, has raised $11m.

The round was led by Sarmayacar and Shorooq Partners, and included Bill & Melinda Gates Foundation’s Strategic Investment Fund, making its first investment in Pakistan.

The money will be used to fund its growth as it works on helping the world’s third largest unbanked population.

It’s android app is used by mainly by small shopkeepers.

It is the largest non-banking digital transaction platform in Pakistan and serves several million customers each month. It has strategic partnerships with banks and telecom companies, which enables it to offer services including payments, cash deposits and lending.

The company told the media that it hopes to become the largest banking platform in the country for the unbanked world.

Muhammad Yar Hiraj, founder and chief executive officer at OneLoad said: “The aim is to become the largest micro branch for the the unbanked without actually owning any branch.”

Last year OneLoad completed around $100m in transactions via its 40,000 agents.