In brief: Bangladesh-based fintech gets $1.62m from Omidyar Network

Bangladesh fintech startup ShopUp has raised US$1.62 million in seed funding from Omidyar Network, an impact investment firm established by eBay founder Pierre Omidyar. Angel investors from Facebook, Google, Amazon, Grab, and global banks also participated in the round.

The seed money will be used to enhance the platform’s credit algorithm technology, accelerate acquisition to 100,000 merchants, as well as establish partnerships with ecommerce players, logistics companies, and offline aggregators.

Source: Press release