Bangladesh-based SureCash gets $7m Series B round
Bangladeshi mobile banking and payments operator SureCash has raised a $7 million Series B round of funding from Asian frontier market investor Osiris Group.
Set up in 2010 by Dr. Shahdat Khan, SureCash integrates multiple banks into a single platform to allow users to deposit cash, send money, make purchases, and pay bills with their mobile phones. This latest investment follows a Series A led by an undisclosed group of Japanese investors.
The platform claims to operate a network of 30,000 retail agents in partnership with five banks, and more than 50 payment affiliates in Bangladesh, including public utilities, municipalities, merchants and education institutions. The firm has 135 people employed in Bangladesh across marketing, software development and engineering.
"Led by a highly technical CEO and seasoned management team, the company has created a mobile banking and payment platform unlike anything else today," said Jason Bajaj, co-founder and managing director of Osiris, in a statement. "We have thoroughly researched Bangladesh MFS market and are convinced that its size supports two to three dominant players."
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