bKash announces investment from Japan's SoftBank
The leading mobile financial services provider of Bangladesh, bKash Limited (“bKash”) announced an investment from SoftBank Vision Fund 2 on Thursday to promote financial inclusion by building a digital financial ecosystem in Bangladesh, a press release said.
The funds from this investment will provide support for bKash’s existing robust and customer-friendly platform, increase digital adoption and help users experience best technology available in the world.
Launched in 2011 by founding shareholders BRAC Bank Limited and Money in Motion LLC, bKash now provides a range of mobile financial services. It runs a large network of agents contributing to their families’ livelihoods throughout urban and rural areas of Bangladesh. At this moment, bKash serves 56 million registered customers.
“This latest investment round validates our dedication and relentless efforts over last ten years and places its trust on the potential of a well-regulated fintech space. It is a significant vote of confidence on the current, and future, growth trajectory of bKash. It also paves the way to attract global investment for other entrepreneurs and innovators of Bangladesh by showcasing the successful digital transformation of our country and its economy,” said Kamal Quadir, Founder and Chief Executive Officer of bKash.
“Broadening access to financial services can be critical to building a robust economy. We believe that bKash is strengthening Bangladesh’s financial system by providing a safe and convenient way for people to adopt digital payments,” said Greg Moon, Managing Partner at SoftBank Investment Advisers. “bKash’s simple and accessible mobile app is providing critical financial services to both banked and unbanked populations in Bangladesh. We are excited to partner with Kamal Quadir and the bKash team to help support the company’s vision to achieve greater financial inclusion in Bangladesh through affordable, reliable and accessible services.”
In its journey of a decade, bKash’s partners have included International Finance Corporation (IFC) of the World Bank Group, the Bill & Melinda Gates Foundation and Ant Group – each have been shareholders in bKash, since 2013, 2014 and 2018 respectively.
