PayPro, a fintech startup has announced that it had received a grant amounting to Rs 7.473 million from USAID Small and Medium Size Enterprise Activity (SMEA).
According to a press release from PayPro, on Thursday, the Pakistani fintech startup, which focuses on business to business (B2B) and business to consumer (B2C) payments, has received a grant amounting to Rs 7.4 million from USAID SMEA. This grant is projected to assist digitize micro, small and medium-sized enterprises (MSMEs) that want to start the process of digital payments.
The fintech that was launched in 2019 has “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”.
Furthermore, the grant further allows PayPro to develop its marketplace platform for MSMEs with integrated digital commerce solutions. The platform includes a merchant portal and a mobile wallet for its users. It will allow to manage finances better, resulting in seamless transactions.
The fintech’s chief executive officer, Ali Janjua, termed 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,” the press release quoted him as saying.
He also said that digital finance had become a foundation for progressive economies, and emphasized the need for sustainable transactions, especially amid Covid-19 pandemic.
“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 shared.
The fintech provides services to companies in numerous sectors, including agriculture, education, digital commerce, healthcare, hospitality, non-government organisations, 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.