A Pakistan-based fintech startup, mKhata raises investment from 10Pearls Ventures via pre-seed funding and launched its app. As a digital ledger, mKhata aims to digitize the local market by empowering small businesses through robust and seamless technology.
Speaking about the investment, Zeeshan Aftab, Director of 10Pearls Ventures said, “The MSME sector of Pakistan contributes significantly in terms of revenue, utility, and employment. Enabling this sector with the right technology can help boost small businesses, which in turn, would have a significant impact on our economy. The purpose of mKhata aligns very closely with our vision to use technology for good, and to transform businesses and lives.”
mKhata raises investment to help entrepreneurs digitize and track all of their transactions
mKhata raises investment to help Micro, Small, and Medium Enterprises to digitize their bookkeeping and credit management. Most local shops (Kiryana) provide loans to customers in their neighborhood, those are either written on paper or not recorded at all. mKhata intends to digitize these transactions and help small businesses record and maintain the credit history of their customers.
The founder and CEO, Umair Sheikh, explained the need for mKhata and said; “mKhata is one of the few apps in Pakistan that will develop small businesses. With this app, consumers can build trust with MSMEs and companies have the opportunity to grow and move towards e-commerce.” Umair Sheikh is a globally recognized expert on digital financial services and has also served as a member of the Fintech Working Group constituted by the Securities and Exchange Commission of Pakistan back in 2018.
About mKhata Mobile App
mKhata app is a multi-lingual app that includes automatic collection reminders – to remind users of the payments to their lenders or payments that the borrowers owe them – free SMS transaction alerts, detailed reports, and online backups, and many other things. The bookkeeping app is a digital ledger that replaces the outdated book-based system and provides a comprehensive record of a customer’s credit history which can be accessed at any time. The app is free and can be downloaded from both the App Store and the Google Play Store.