mKhata, an emerging fintech startup based in Lahore, has introduced its new app with early financial backing from 10Pearls Ventures. This app, mKhata, is a user-friendly, multilingual bookkeeping tool designed to assist Micro, Small, and Medium Enterprises (MSMEs) in digitizing their bookkeeping and credit management processes.
Many local convenience stores often provide credit to their regular customers, either through informal paper records or with no documentation at all. mKhata seeks to transform these traditional practices into digital transactions, allowing small businesses to better track and manage credit history for their clientele.
With Pakistan’s retail market currently valued at approximately $152 billion and growing at an annual rate of 8%, there is a significant opportunity for digital advancement. However, due to the lack of digitization, financial inclusion remains a challenge for many people. By serving as a digital ledger, mKhata aims to address this gap, targeting over 6 million MSMEs nationwide to provide them with accessible and efficient financial technology solutions.
The founder and CEO, Umair Sheikh, emphasized the significance of mKhata by stating, “mKhata is a pioneering app in Pakistan that simplifies operations for small businesses. Through this platform, consumers can build trust with MSMEs, and businesses can expand and transition towards e-commerce opportunities.”
Commenting on the investment, Zeeshan Aftab, Director of 10Pearls Ventures, highlighted, “The MSME sector of Pakistan plays a crucial role in generating revenue, providing essential services, and creating job opportunities. Empowering this sector with appropriate technology can elevate small businesses, leading to substantial economic impacts. Aligning closely with our vision of utilizing technology for positive change, mKhata is poised to transform businesses and livelihoods.”
The mKhata app offers various features such as automated collection reminders, free SMS transaction alerts, detailed reports, and online backups, making it a comprehensive tool for managing finances. This app is available for free download on both the App Store and Google Play Store.
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