Original disclosure @ IFC website
Updated in EWS May 12, 2022
Disclosed by Bank Jul 23, 2021
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According to IFC, the proposed project consists of an equity investment by IFC of up to US$5 million in Wemsol (Private) Limited, operating under the brand name “Keenu” (“Company”), which is the leading independent offline merchant acquirer in Pakistan. The Company enables offline merchants to accept credit / debit card payments through Point of Sale (POS) devices and offers a consumer digital wallet and an ecommerce payment gateway.
IFC anticipates that the Project will promote increased access to digital payments in Pakistan. The Project will support the Company in expanding its payment acceptance network towards the long tail end of MSMEs. IFC also anticipates that the Project will promote integration in financial services, by fostering the widespread acceptance of digital retail payments in Pakistan.
The proposed investment is up to US$5 million in equity by IFC as part of a Series A round to enable the Company to scale its business.
Wemsol’s current shareholders include Mr. Muhammad Ashraf, Mr. Syed Ejaz Hassan, Mr. Saad Niazi, and Mr. Raja Faisal Zaman.
Wemsol (Private) Limited
Mr. Syed Ejaz Hassan
Chief Executive Officer
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