Pathao has secured $12 million in a pre-Series B funding round as it shifts towards financial technology. Led by VentureSouq, this round is touted as the largest pre-Series B fundraising in Bangladesh, raising Pathao’s total capital to over $50 million.

Also participating in this round are Anchorless Bangladesh, Osiris Group, South Asia Tech, and Openspace Ventures. With this investment, Pathao aims to improve its fintech solutions, which include Pathao Pay, a digital wallet, and Pay Later, a buy-now-pay-later option.

The company’s fintech arm caters to young professionals and small businesses, estimating a target audience of over 5 million individuals and 500,000 small enterprises in Bangladesh. Since its founding in 2015, Pathao has become a major player in Bangladesh’s consumer technology sector, offering logistics, ride-sharing, and food delivery services.

The company has served over 10 million customers and generated more than 500,000 jobs within the gig economy and small business sector.