bKash

bKash Limited (Bengali: বিকাশ) is Bangladesh's largest mobile financial service (MFS) provider, operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank PLC. Launched on 21 July 2011, bKash has grown to become an integral part of Bangladeshi daily life, revolutionizing the country's financial landscape with its mobile payment platform that serves millions of users across the country.

🚀 Founding Story

bKash was launched by Kamal Quadir and Iqbal Quadir. In the mid-2000s, mobile financial services had taken off in the Philippines, Kenya, and other emerging markets when the two Quadir brothers decided to bring it to Bangladesh. In need of a local partner, the Quadir brothers engaged BRAC's founder, Sir Fazle Hasan Abed, in 2008. After two years of discussions, they committed to establishing a joint venture between Money in Motion LLC (USA) and BRAC Bank Limited in 2010. bKash officially launched on 21 July 2011 in Bangladesh.

💰 Investment History

bKash started in 2011 as a joint venture between BRAC Bank Limited (Bangladesh) and Money in Motion LLC (USA). The company has attracted significant international investment:

• 🏦 April 2013 — International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner
• 🌍 March 2014 — Bill & Melinda Gates Foundation became an investor
• 🇨🇳 April 2018 — Ant Financial (operators of Alipay, affiliate of Alibaba Group) became an equity partner, announcing a strategic partnership to promote financial inclusion for unbanked and underbanked communities
• 💰 2021 — SoftBank Vision Fund II invested $250 million, raising bKash's valuation to over $1.7 billion

In November 2021, bKash became the first ever unicorn startup (a startup whose valuation is $1 billion or more) co-founded by a Bangladeshi. The total funding raised by bKash is approximately $261 million across 5 funding rounds, with a valuation of approximately $2 billion.

📱 Services

As a mobile financial service (MFS) provider in Bangladesh, bKash users can:

• 💸 Transfer money into their mobile accounts
• 📤 Send and receive money domestically
• 📱 Mobile recharge (prepaid and postpaid)
• 💡 Pay utility bills
• 🌍 Receive international remittance
• 🛒 Make payments at merchants
• 💳 Avail digital loans
• 🌐 Access services via USSD (*247#) and bKash App

🏆 Recognition

• 🥇 First Bangladeshi unicorn startup (November 2021) — valuation over $1 billion
• 🌍 Fortune "Change the World" list — Ranked 23rd among top 50 companies (2017)
• 💰 Asiamoney Best Digital Solution award
• 🏆 Bangladesh Innovation Award 2018 — Best innovation in Financial Innovation Category
• ⚽ Regional sponsor of Argentina Football Association (May 2023)

👥 Key Investors

• 🏦 BRAC Bank PLC — Parent company (Bangladesh)
• 💰 International Finance Corporation (IFC) — World Bank Group
• 🌍 Bill & Melinda Gates Foundation
• 🇨🇳 Ant Financial / Alipay — Alibaba Group affiliate
• 💼 SoftBank Vision Fund II — $250M investment
• 💵 Money in Motion LLC — Co-founder (USA)