bkash – Business Model, Timelines, Partnerships, Achievements and More
Founded in 2011 as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, USA, bKash has emerged as a leading mobile financial service (MFS) provider in Bangladesh. With its headquarters at Shadhinata Tower, Dhaka, bKash operates under the authority of Bangladesh Bank and is a subsidiary of BRAC Bank PLC.
Quick info: bkash
| Type of Business | Private Company |
| Logo |  |
| Headquarters | Shadhinata Tower, 1, Bir Sreshtha Shaheed Jahangir Gate, Dhaka Cantonment, Dhaka 1206, Bangladesh. |
| Key Executive | Kamal Quadir, CEO |
| Services | Financial transactions including cash-in, cash-out, money transfer, mobile recharge, bill payment, and international remittance. |
| Parent Companies | BRAC Bank, Ant Financial, Bill & Melinda Gates Foundation, Money in Motion LLC, International Finance Corporation, SoftBank. |
| Website | www.bkash.com |
| Launch Date | 2011 |
| Current Status | Operational Online |
bKash: A Timeline of Innovation and Growth
2010
Foundation:
bKash is founded as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, USA.
2011
Launch:
bKash officially launches its operations in Bangladesh, introducing basic services like Cash In, Cash Out, and Send Money.
Strategic Partnership: International Finance Corporation (IFC), a member of the World Bank Group, becomes an equity partner.
2013
Equity Partnership:
Bill & Melinda Gates Foundation invests in bKash.
2014
Recognition:
bKash wins the Manthan Award for Best E-Content for Development.
2017
Global Recognition:
Fortune magazine ranks bKash 23rd among the top 50 companies in their “Change the World” list.
Employer Branding: World HRD Congress declares bKash as one of Asia’s best employers.
2018
Strategic Equity Partnership:
Ant Financial, operators of Alipay and an affiliate company of Chinese giant Alibaba Group, becomes an equity partner.
Innovation Award: bKash wins the Bangladesh Innovation Award for its customer app.
2021
Unicorn Status:
bKash becomes the first ever unicorn startup in Bangladesh with a valuation of $1 billion.
Investment: SoftBank Vision Fund 2 announces an investment in bKash.
2023
Sponsorship:
bKash becomes the regional sponsor of the Argentina Football Association.
Fintech Pioneer Award: bKash is recognized for its pioneering role in Bangladesh’s fintech sector at the Bangladesh Startup Summit 2023.
Innovative Services for Every Need
bKash offers a diverse range of services, including cash-in, cash-out, money transfer, mobile recharge, bill payment, and international remittance. The introduction of the bKash personal retail account has been a game-changer, offering unparalleled convenience to over 70 million registered users, predominantly in rural areas where traditional banking services are scarce.
A Platform for Growth
The bKash account, accessible via USSD (*247#) and the bKash App, has seen consistent growth in user engagement. The bKash business dashboard and bKash business app have been instrumental in empowering small and medium-sized enterprises (SMEs) across Bangladesh. These tools provide businesses with real-time insights and the ability to manage transactions efficiently, fostering a more inclusive financial ecosystem.
Strategic Partnerships and Achievements
bKash’s journey has been marked by significant partnerships and investments. Key stakeholders include Ant Financial, the Bill & Melinda Gates Foundation, International Finance Corporation, and SoftBank Vision Fund. These collaborations have strengthened bKash’s position as a fintech leader, not just in Bangladesh but globally.
In 2021, bKash achieved unicorn status, becoming the first startup in Bangladesh valued at over $1 billion. This milestone was followed by a strategic sponsorship with the Argentina Football Association in 2023, further solidifying its global presence.
Awards and Recognition
bKash’s commitment to excellence has been recognized through numerous awards. Notably, it was ranked 23rd in Fortune magazine’s “Change the World” list in 2017 and has received multiple accolades for being the best digital solution and employer brand in Asia.
Conclusion
bKash continues to redefine financial services in Bangladesh, driven by innovation and a commitment
to financial inclusion. Its services, including the bKash personal retail account and business solutions, have shown a steady trend in user adoption and satisfaction. As bKash evolves, it remains dedicated to empowering individuals and businesses, contributing significantly to the economic growth and digital transformation of Bangladesh.
