Lahore-headquartered fintech and logistics startup PostEx has raised $7.3 million in a pre-Series A round led by Dubai-based Conjunction Capital. The round, which takes PostEx’s total financing to date to about $16 million, was also joined by Dash Ventures, Sanabil500, and existing investors, including VentureSouq, FJ Labs, and Zayn VC.
Founded in 2020 by Omer Khan, Saad Mahmood, Babar Razzaq, and Adil Naseem, PostEx started as a third-party logistics provider for e-commerce merchants but has since evolved into a platform that also offers Shariah-compliant, non-dilutive financing to help resolve their cash flow issues.
The startup had access to a ton of data on ecommerce merchants as it worked as their logistics partner to screen them for its financing solutions. According to its website, it has provided loans worth $90 million to over 8,000 businesses to date. The startup does not have a lot of details on loan sizes or rates on the website but it highlights that users can quickly convert their recurring revenue into instant capital.
In a statement, PostEx said it currently has an annual revenue run rate of $21 million, processes over four million transactions per month, and has been profitable for several months. The Pakistani startup acquired Call Courier, a leading ecommerce logistics company in the country, to become the market leader and has maintained its lead since then.
PostEx plans to use the latest capital to expand into the Middle East and North Africa, starting with Saudi Arabia, where it has already kicked off a pilot. The startup aims to acquire a local license to offer financing solutions but, for now, has partnered with local financial institutions to provide its services to a small number of e-commerce merchants. It is also testing its solutions in the UAE, where it has already secured a license but plans to launch after Saudi Arabia.
Muhammad Omer Khan, the founder and CEO of PostEx, said, “While the GCC & Pakistan have a thriving and fast-growing ecommerce landscape, the reality is that legacy financial institutions don’t fulfil the needs of digital entrepreneurs and online businesses. Ecommerce businesses need access to flexible and affordable funding solutions and our mission at PostEx is to empower online sellers by addressing their most critical challenge: access to the right capital to grow their business through our advanced embedded logistics solution.”
Kirill Kozhevnikov, Managing and Founding Partner at Conjunction Capital, said, “Our investment in PostEx underscores the strategic importance of the Saudi Arabian market as a key growth area within the GCC. PostEx’s innovative approach to integrating fintech with logistics positions them uniquely to address the evolving needs of e-commerce businesses in this region. We are committed to supporting their expansion and driving further advancements in the market.”
Post Views: 1,341
link