Shopup raises $1.62 million in seed funding

Shopup, a Bangladesh based fintech startup has been able to raise US $1.62 million from Omidyar Network including angel investors from Facebook, Google, Amazon, Grab and global banks. This funding will be used for developing credit algorithm technology, partnering with ecommerce platforms, logistics support companies and offline collaborators. It is expected that this funding will help them fasten acquisition to 100,000 merchants.

After the Startup Dhaka Documentary was released in 2013, there is a growing awareness to help the startups in Bangladesh. The biggest hurdle startups face now is getting funds internally and externally. Pathao, Chaldal, bkash, Shohoz and now Shopup are one of the pioneers in securing external funds. It is believed that more and more external investors are likely to follow Omidyar Network’s path.

Omidyar Network is an impact invest firm founded by eBay founder Peirre Omidyar.

Elvis Gomes