ShopUp, a Bangladeshi B2B commerce platform, has netted $30m in debt financing to build supply chain infrastructure and expand services to SMBs.
The company’s $30m financing round included $20m from UK-based lending platform Lendable.
ShopUp is Bangladesh’s leading full-stack B2B commerce platform for small businesses. The company provides easy access to B2B sourcing, last-mile logistics, digital credit and business management solutions to small businesses.
Mokam, ShopUp’s platform, is designed to serve the small stores that distribute the vast majority of the food and household items consumed in Bangladesh.
Together with Mokam, ShopUp offers a last-mile logistics network called REDX and partners with manufacturers, brands and mills to streamline distribution and reduce food waste.
Afeef Zaman – ShopUp CEO and founder – said, “The new debt facilities will help us reach our goal of creating a seamless distribution network for food and essentials that serves 80 million people in Bangladesh. Our recent success in securing financing is a reflection of our financial stability and our efforts towards having a positive impact in Bangladesh.”
Lendable CIO Hani Ibrahim added, “We have been impressed by the scale of business and quality of team that ShopUp has built to date and are happy to be supporting the impactful work ShopUp has been doing in providing access to goods and capital to underserved [microbusinesses and SMBs] in Bangladesh.”
Wink, a US-based biometric identity and payments platform, has recently received an additional $3m of seed investment.
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