Pakistan-based fintech and logistics hybrid PostEx has confirmed to MENAbytes it has secured an undisclosed six figure United States Dollars investment pre-seed. The funds was raised from Farhan Abbas Sheikh, an angel investor.
The investment came from Farhan Abbas Sheikh, an angel investor – and is the first external money raised by the startup.
Founded by Muhammad Omer Khan earlier this year PostEx is a hybrid of receivables factoring solutions and courier services that pay invoice values upfront to e-commerce companies offering Cash on Delivery as one of their modes of payment.
Muhammad Omer Khan in a statement said, “One of the biggest challenges the ecommerce industry faces is cash-on-delivery due to delayed payments and uncertainty about the cash flows. Lack of access to cash and inefficiencies of last-mile have hampered the growth of small & medium-sized ecommerce companies. By modernizing the pervasive and conventional financing and logistics standards, we are helping our clients to meet all their financing and logistical needs under one roof in an efficient and cost-effective way.”