BKash Company Profile and Review

BKash is a popular digital wallet service in Bangladesh, founded in 2010 by a team of entrepreneurs led by Kamal Quadir.

BKash allows users to send and receive money, pay bills, and make purchases online or through a network of agents across the country.

The company has partnerships with major banks and financial institutions in Bangladesh, enabling users to deposit and withdraw cash from their accounts.

BKash has a strong presence in Bangladesh, with over 60 million registered users, making it one of the largest mobile financial services in the country.

Check this out: Does Ally Accept Credit Card Payments

bKash was launched by Kamal Quadir and Iqbal Quadir in Bangladesh, bringing mobile financial services to the country's rural areas where access to formal banking services is difficult for people.

The Quadir brothers were inspired by the success of mobile financial services in other emerging markets, such as the Philippines and Kenya.

In 2008, they began to engage BRAC's founder, Sir Fazle Hasan Abed, in discussions that would lead to a joint venture between Money in Motion and BRAC Bank.

Discover more: Pc Financial Credit Card

The joint venture was committed to in 2010, and bKash launched on July 21, 2011, with basic services like Cash In, Cash Out, and Send Money.

More than 70% of Bangladesh's population lives in rural areas, making bKash's services a game-changer for people who previously had limited access to financial services.

Discover more: Insurance Back Office Services

bKash started as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of America, in 2011.

The company has received significant investments over the years, with the International Finance Corporation (IFC) becoming an equity partner in April 2013.

In March 2014, the Bill & Melinda Gates Foundation became an investor in bKash, and in April 2018, Ant Financial, the operators of Alipay, became an equity partner to promote financial inclusion for the unbanked and underbanked communities in Bangladesh.

In November 2021, SoftBank Vision Fund II invested $250 million in bKash, acquiring a significant stake of over 10% and increasing the company's valuation.

bKash has raised a total funding of $261 million over 5 rounds, with its first funding round being in 2010.

A different take: Bangladesh Electronic Funds Transfer Network

bKash has raised a total funding of $261M over 5 rounds. Its first funding round was in 2010.

This significant investment has helped bKash grow into the successful digital wallet it is today.

For your interest: Send Money to Bangladesh Bkash

bKash has raised a total funding of $261M over 5 rounds. Its first funding round was in 2010.

The company's latest funding round was a Series C round on November 14, 2021, for $250M. This round was led by SoftBank Vision Fund, which acquired a significant stake of over 10% in bKash.

bKash has had three recent funding rounds. Here are the details:

bKash's valuation has significantly increased due to its latest funding round, with SoftBank Vision Fund investing $250 million in the company.

Related reading: B of a Mobile Banking App

bKash users can transfer money into their mobile accounts and then access a range of services, including transferring and receiving money domestically and making payments.

The bKash app offers a wide range of features, from sending and receiving money to paying bills and availing loans. It has been recognized as the best innovation at the Financial Innovation Category in Bangladesh Innovation Award 2018 for its simplified and useful features.

Expand your knowledge: Online Banking Features

You can use the bKash app to send money, mobile recharge, cash out, payment, add money, pay bill, tickets, bKash to bank, remittance, insurance payments, microfinance, education fees, and donations.

Key features of the bKash app include transaction services, financial services, security, and accessibility. Here are some specific features:

In November 2021, bKash became the first ever unicorn startup company in Bangladesh, with a valuation of $1 billion or more.

bKash has made a significant impact in the world of digital finance, earning recognition from reputable sources. Fortune magazine ranked bKash 23rd among the top 50 companies in their Change the World list in 2017.

bKash has also reached a remarkable consumer base of 70 million registered Bangladeshi adults, as reported by Prothom Alo, a leading national newspaper. This achievement is a testament to the company's success in providing accessible financial services to a large population.

Asiamoney magazine declared bKash as the Best Digital Solution, further solidifying its reputation in the industry.

Suggestion: Check Bkash Balance

bKash has received significant recognition for its innovative approach to digital payments.

Fortune magazine ranked bKash 23rd among the top 50 companies in their Change the World list in 2017.

The company has made a substantial impact on the lives of millions of people in Bangladesh.

Asiamoney magazine declared bKash as the Best Digital Solution, acknowledging its success in this area.

bKash has successfully reached a consumer base of 70 million registered Bangladeshi adults.

This achievement is a testament to the company's ability to provide a valuable service to its customers.

Additional reading: American Express Company News

bKash has made significant strides in sponsorship, partnering with notable organizations. In May 2023, bKash became the regional sponsors of the Argentina Football Association. This partnership highlights bKash's commitment to supporting international sports. bKash was also the key sponsor of D1 Cup Bangladesh 2023, a testament to its dedication to local sports initiatives.

BKash offers a range of benefits that make it an attractive option for those looking for a convenient and accessible way to manage their finances.

One of the standout features of BKash is its ability to provide financial services to individuals without bank accounts, promoting financial accessibility. This is a game-changer for many people who may not have had access to traditional banking services before.

BKash's mobile app allows users to perform transactions using their phones, making sending and receiving money anytime, anywhere a breeze. This convenience is hard to beat, especially for those who are always on the go.

BKash has a large network of agents for cash-in and cash-out services, making it easy to access your money even when you don't have a bank account. This is a huge advantage for those who may not have a bank account or prefer to use alternative methods.

Here are some of the key benefits of using BKash:

Creating an account can be a convenient way to access various services and tools, as it allows for personalized experiences and automatic login.

With an account, you can store your progress and come back to it later, which is especially useful for learning new skills or working on long-term projects.

However, creating an account also requires you to provide personal information, which can be a concern for those who value their privacy.

Having an account can also lead to spam messages and unwanted emails, which can be annoying and time-consuming to deal with.

On the other hand, having an account can also provide access to exclusive features and content, such as premium resources and expert advice.

Some services may also use your account information to tailor their recommendations to your interests, which can be a useful feature if you're looking for personalized suggestions.

bKash is a game-changer for financial accessibility, providing services to individuals without bank accounts. This means people can now access financial services they might have otherwise gone without.

One of the biggest advantages of bKash is that users can perform transactions using their mobile phones, making sending and receiving money anytime, anywhere a breeze. This level of convenience is hard to beat.

You might like: How to Check My Cash App Card Balance without App

With a large network of agents for cash-in and cash-out services, users have plenty of options for accessing their money. You can find an agent near you and get cash or deposit money into your bKash account.

Transactions are typically processed instantly, allowing for immediate transfers. This is especially useful for people who need to send or receive money quickly.

The fees for transactions on bKash are often lower than traditional banks, especially for small transfers. This can add up to big savings over time.

bKash offers a range of services beyond just sending and receiving money, including bill payments, mobile recharges, and merchant payments. This makes it a one-stop-shop for all your financial needs.

Here are some of the key benefits of using bKash at a glance:

Using bKash for your financial needs can have its downsides.

One of the main limitations of bKash is that it primarily focuses on domestic transactions, making it less suitable for international transfers.

You may also incur fees when withdrawing cash, which can be a hassle.

There are limits on the amount that can be sent or received, which can be restrictive for bigger transactions.

The quality of service can vary depending on the agent, leading to inconsistent experiences.

BKash is a leading digital wallet service in Bangladesh, founded in 2011 by a team of entrepreneurs who wanted to make financial transactions easier and more accessible.

It's owned by BRAC Bank, one of the largest banks in the country, which gives it a solid financial backing.

BKash has over 70 million registered users, making it the largest mobile financial service provider in Bangladesh.

Its users can send and receive money, pay bills, and make purchases online or offline, using their mobile phones.

The service is available in over 2,000 locations across Bangladesh, including agent outlets, bill payment points, and online platforms.

BKash has partnered with over 170,000 agents to provide its services to customers in remote and rural areas.

It offers a range of services, including mobile banking, online banking, and bill payments, all through a single account.

BKash has won several awards for its innovative services, including the "Best Digital Payment Service" award at the 2018 Bangladesh Brand Forum.

bKash has several notable investors, including International Finance Corporation (IFC), Bill & Melinda Gates Foundation, and Ant Financial. These investors have helped the company promote financial inclusion in Bangladesh.

One of bKash's key investors is International Finance Corporation (IFC), which became an equity partner in 2013. The IFC is a member of the World Bank Group.

bKash's competitors include Paytm, MoneyGram, Skrill, Nagad, CarePay, Dmoney, iPay, TallyPay, and Sohoj Pay. These companies offer similar mobile financial services and payment systems.

Here's a list of bKash's competitors, ranked by their Tracxn Score:

bKash has a strong backing from various institutional investors. One of its key investors is SoftBank Vision Fund, which invested $250 million in the company in November 2021, acquiring a significant stake of over 10%.

bKash's investors also include Alipay, the operators of Alipay, which partnered with the company in April 2018 to promote financial inclusion for unbanked and underbanked communities in Bangladesh.

Here's an interesting read: American Express Company 200 Vesey Street

The International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner in April 2013, providing significant support to the company.

In addition to these investors, bKash also received funding from the Bill & Melinda Gates Foundation in March 2014.

Here's a list of bKash's institutional investors:

Paytm, a public company from India, tops the list of bKash's competitors with a total funding of $3.48 billion. Its investors include SVB, T. Rowe Price, and 84 others.

MoneyGram, an acquired company from the United States, ranks second with its wallet-enabled cross-border payment solution for consumers. Its investors include Goldman Sachs, Thomas H Lee Partners, and 3 others.

bKash, a mobile financial services company from Bangladesh, ranks third with a total funding of $261 million. Its investors include IFC, Gates Foundation, and 3 others.

Skrill, an acquired online money transfer and wallet provider from the United Kingdom, ranks fourth with a Tracxn score of 65/100.

For your interest: American Express Company History

The top 5 competitors of bKash are:

The Tracxn score of the top 5 competitors ranges from 65/100 for Skrill to 80/100 for Paytm.

bKash has introduced a 'Student Account' for teenagers between 14 and 18 years old.

This account is linked to their parent's bKash account.

To open a 'Student Account', you'll need a digital birth certificate, an active bKash account number of your mother or father, and their consent.

Major General Sheikh Md Monirul Islam (retd), chief external and corporate affairs officer of bKash, welcomes this initiative to prepare the future generation for digital financial transactions.

The sooner teens become familiar with digital payment ecosystems, the more proficient they'll be in their daily transactions and financial management.

bKash aims to create a cashless society by introducing this 'Student Account'.

In line with Bangladesh's journey towards a smart economy, this 'Student Account' is introduced as per the directives of the Bangladesh Bank.