A pre-seed fundraising round headed by Zayn Capital’s BitRate Fund garnered $2.5 million for the Pakistan-based point-of-sale (POS) business SnappRetail. In the round, Antler and Century Oak Capital also participated.
A point-of-sale (POS) system from SnappRetail, which was founded just a year ago, enables businesses to record transactions and accept card and electronic payments. Additionally, it provides loans to merchants in need of more working cash.
Adeel Rasheed, Moazzam Ali Khan, Ahsan Aziz, and Moiz Ali founded the business. Prior to starting SnappRetail, they had established Resource Linked, a business that provides recruiting assistance to retailers.
“Having invested in similar plays globally, we have witnessed the immense market potential of this sector,” said Jussi Salovaara, Antler’s general partner.
By 2024, SnappRetail wants to cover 13 additional cities with the help of finances.
