The e-commerce startup has been styled as a fintech company from the beginning and has raised US$ 8.6 million in investments since it was founded in 2020. Now that PostEx has finally obtained a 'Non-Banking Finance Company' (NBFC) license issued by the SECP, it is now expected to be able to roll-out broader financial solutions in the market.
As per industry sources, PostEx first disrupted the market by providing instant and partial up-front payments to brands and marketplaces against cash-on-delivery shipments which they hand over to the company to delivered to their customers. In addition, PostEx also offers a payment gateway to online merchants which enables it to manage non-CoD orders as well.
After building a team of seasoned professionals, it focused its e-commerce deliveries to Karachi, Lahore and Islamabad which comprise around 60% of online orders, according to market information.
Last year, PostEx acquired established player Call Courier to fast-track the expansion of its network and customer base with the goal of eventually providing a variety of financial services to as many e-commerce merchants as possible. Despite the acquisition, it has been observed that both companies have not yet been merged under the PostEx brand, which may happen at a later stage.
Now that the NBFC license has been granted to the company, PostEx is likely to provide financing in advance to cash-strapped online merchants along with other solutions. After reaching this regulatory milestone, perhaps the company will also look to raise more funding or even collaborate with banks and other fintechs to fuel its growth and boost the ecosystem further.
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