SoftBank Set To Acquire 20% Stake At bKash 

The ending of this year is going to be big for bKash since the Japanese tech investment company SoftBank is set to acquire a 20% stake. BRAC will still be holding its shares despite the tech giant entering the MFS Company. This may indicate even more prosperity coming from bKash.

Softbank Set To Acquire 20% Stake At Bkash

This 20% stakeholder investment will be skyrocketing bKash into the first unicorn startup of Bangladesh. The news hit on 10th November and has been taking the Bangladeshi business media for a ride. Many approve of this union while there are obvious skeptics. Nonetheless, it is a huge deal for bKash and BRAC Bangladesh. SoftBank will be making a primary as well as secondary investment in bKash if the plan goes accordingly.

The founder and CEO of bKash, Kamal Quadir, has stated,

“This latest investment round validates our dedication and relentless efforts over the last ten years and places its trust on the potential of a well-regulated fintech space. It is a significant vote of confidence on the current, and future, the growth trajectory of bKash. It also paves the way to attract global investment for other entrepreneurs and innovators of Bangladesh by showcasing the successful digital transformation of our country and its economy,”

SoftBank has previously invested in well-established companies like PayTM, Flipkart, etc. The pre-existing investors will be staying put, investors such as Alipay, Money in Motion LLC, the Bill and Melinda Gates Foundation, the International Finance Corporation, and the bKash Employee Share Option Plan Trust. bKash has a current valuation of around $640 million. After this investment from SoftBank Vision Fund, the Mobile Financial Service company will be crossing the $1 billion milestone.

The managing partner at SoftBank Investment Advisers, Greg Moon, gave a statement regarding the matter,

“Broadening access to financial services can be critical to building a robust economy. We believe that bKash is strengthening Bangladesh’s financial system by providing a safe and convenient way for people to adopt digital payments. 

He also added,

“bKash’s simple and accessible mobile app is providing critical financial services to both banked and unbanked populations in Bangladesh. We are excited to partner with Kamal Quadir and the bKash team to help support the company’s vision to achieve greater financial inclusion in Bangladesh through affordable, reliable, and accessible services.”

We are eager to see where this foreign investment from SoftBank leads to and how bKash progresses. All eyes will be on the company because this is the first unicorn company in Bangladesh. You can check the companies out from these links: SoftBank Vision Fund, and bKash.