Aavishkaar Frontier Fund, which focuses on South & Southeast Asia is investing $2 million in CloudWell, a payment systems company that provides agent-based last mile payment solutions to a host of service providers such as telecom operators, mobile financial services players and other billers under the brand name ‘PayWell’.
This investment will enable acceleration of CloudWell’s growth and scale up of its nationwide network.
Founded in November 2012, PayWell is an organized retail approach by CloudWell, which leverages technology and aims to provide convenient payment solutions to major business-to-consumer (B2C) organizations in the utility, telecom, financial services, transport, retail and e-commerce sectors in Bangladesh.
On the partnership with Aavishkaar, Anisul Islam, Chairman & CEO of CloudWell said, “With this investment from Aavishkaar, PayWell will expand its market across Bangladesh with a targeted network of more than 30,000 agents in 2 years, retailing various services to consumers and also equipping SMEs and enterprise merchants to accept payments from more than 30 million mobile financial services users.”
This is the third investment from its Aavishkaar Frontier Fund (AFF), a regional fund which invests in Sri Lanka, Bangladesh, Indonesia and Pakistan.