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Nagad becomes successful unicorn startup within 3 years

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DHAKA, Bangladesh, May 24, 2024 /PRNewswire/ — Within just three years of its inception, Nagad, a leading mobile financial service provider based in Bangladesh, has established itself as the most successful startup unicorn in the country, according to State Minister for Posts, Telecommunications and Information Technology (ICT) Zunaid Ahmed Palak.

At the same time, Nagad has contributed BDT 145 million – equivalent to more than $1.2 million – to the government’s revenue earnings over the last four years, he noted.

The state minister made these remarks at an event of the Bangladesh Association of Software and Information Services (BASIS), the national trade body for the software and IT-enabled service industry.

“Nagad is a partner of our Postal Department. Leveraging the infrastructure, workforce, and policy support of this department, they have become a successful startup unicorn within three years, while also sharing BDT 145 million in revenue with the government,” the honourable state minister elaborated.

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Highlighting the role of the Postal Department and State Minister Zunaid Ahmed Palak in Nagad’s rise, Tanvir A Mishuk, founder and chief executive officer of Nagad Ltd., said, “The Postal Department has been supporting us since the beginning of our journey, and the ICT minister has also been by our side since then. Whenever we face a problem, he helps us resolve it quickly.”

Nagad is now going to launch a digital bank within a few months, which will offer all financial services on a single digital platform.

Mentioning special loan facilities for all BASIS members once Nagad Digital Bank comes into operation, Tanvir A Mishuk pointed out, “BASIS plays a crucial role in shaping policies in our IT sector. I request that they contribute to policy updates as per requirements. I promise that Nagad Digital Bank will provide collateral-free loans for all BASIS entrepreneurs.”

According to the revenue-sharing agreement, the Postal Department is entitled to getting 51% of Nagad’s income.

The Postal Department received BDT 11.2 million, equivalent to over $95,000, in 2020. As Nagad’s services went on expanding and its customer base continued to grow, the department’s revenue also increased proportionally. In 2021, Nagad’s contribution amounted to BDT 33.2 million, equivalent to more than $2,83,000, and the figure rose to BDT 45 million, equivalent to nearly $3,84,000 in the following year – 2022. In the latest contribution, Nagad shared BDT 55 million, equivalent to nearly $4,70,000, with the department from its income generated in 2023.

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In 2023, Nagad received the “Fastest to Unicorn Award” from Honourable Prime Minister Sheikh Hasina.

About Nagad Ltd (https://www.nagad.com.bd/)

Nagad Limited is one of the leading MFS operators in Bangladesh’s payment industry with 95 million registered customers and an average daily transaction of more than USD 153 million. The digital payment platform, known as a successful public-private partnership between Bangladesh Postal Department and the private sector, was inaugurated in 2019 by Honourable Prime Minister Sheikh Hasina of the people’s republic of Bangladesh.

Contact:
Lincoln Md. Lutforzaman Sarker
Assistant Vice President (AVP), 
Media and Communications, Nagad Limited.
Email: [email protected]

Logo – https://mma.prnewswire.com/media/2420590/Nagad_New_Logo_English_Logo.jpg

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Agora acquires Clearshift’s real estate division

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Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

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For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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