PayPro, a fintech startup that focuses on business to business (B2B) and business to consumer (B2C) payments, on Thursday announced that it had received a grant amounting to Rs7.4 million from USAID Small and Medium Enterprise Activity (SMEA).
According to a press release from PayPro, the grant is intended to help digitise 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".
The grant will allow PayPro to further develop its marketplace platform for MSMEs with integrated digital commerce solutions. The platform will also include a merchant portal and a mobile wallet for its users which would allow them to manage their 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.
Janjua said digital finance had become a cornerstone for progressive economies, and emphasised the need for sustainable transactions, especially during the coronavirus 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 various 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.
Last week, a Karachi-based fintech startup, Safepay, announced that it had raised a seven-figure seed funding round led by Stripe, the global payments platform.