SureCash, a Bangladeshi mobile payment operator has received $7m in funding in order to improve mobile banking systems and employability for Bangladeshi nationals.
The Series B investment comes from the Osiris Group, an emerging private equity group specialising in developing Asian businesses, particularly in Bangladesh. The Osiris group’s main objective is maintaining long term economic growth in developing nations by opening up a dialogue with government officials.
‘‘We have thoroughly researched Bangladesh MFS market and are convinced that its size supports 2-3 dominant players. We are further convinced that with its engineering excellence, innovation capabilities, and ability to deploy custom services, SureCash will truly transform lives and rapidly ascend to a dominant market position,’’ stated Jason Bajaj, Co-Founder and Managing Director of the Osiris Group
SureCash sets itself apart in the Bangladesh payment market by utilising a multi-network and inter-bank platform. This allows SureCash customers to use any mobile operator to acquire the services of any bank that has signed up on the SureCash network. The firm aims to become the largest mobile payment platform in Bangladesh.
‘‘SureCash is a growing network operating with 30,000 retail agents in partnership with 5 scheduled banks and more than 50 payment affiliates including public utilities, municipalities, merchants and education institutions in Bangladesh. We are pleased to have Osiris as one of our partners,’’ said Dr Shahadat Khan, Founder and Chief Executive Officer of SureCash.
The Osiris group’s acquisition of SureCash emphasises their growing relationship with the Bangladesh government.
‘‘Over the past five years, the Government of Bangladesh has achieved wonderful milestones around social progress and security stability. We look forward to investing in additional opportunities for improving governance, skill-set transfer, and job creation for her 160 million resilient citizens,” continued Bajaj.
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