bKash, a mobile financial services (MFS), began its journey a decade and a half ago as a startup company. At the outset, its paid-up capital stood at only BDT 3.5 million. Over time, however, the startup has evolved into one of the country’s major financial-sector institutions. bKash’s total assets and liabilities had exceeded BDT 160 billion by the end of last year. Of this amount, equity alone stood at more than BDT 41.31 billion.
Now reaching households across the most remote areas of Bangladesh, bKash serves 82 million customers. More than 47 million of them are active users who have conducted transactions within the past 90 days. The company has also generated substantial profits while serving this vast customer base. In 2025 alone, bKash recorded revenue of BDT 65.65 billion. After accounting for all expenses, the company posted a net profit of BDT 6.61 billion during the year.
Established as a joint venture between BRAC Bank PLC and the US-based Money in Motion LLC, bKash has also succeeded in attracting significant foreign investment. Over the past several years, its ownership structure has expanded to include International Finance Corporation (IFC), the Gates Foundation, Ant International, and SoftBank Group of Japan. Through investments from these institutions, bKash has received $381 million in foreign direct investment (FDI).
Industry insiders say that bKash’s transformation from a startup into a large-scale enterprise represents a major achievement for Bangladesh’s financial sector. Maximum use of technology, investment, and strong corporate governance have helped the company reach its current position. They believe that bKash’s success can serve as a model for other entrepreneurs in the country.
Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank, described the development of a Bangladeshi company into a globally recognised institution as a matter of pride. Speaking to Bonik Barta, he said: “People from low-income and working-class backgrounds in Bangladesh were once afraid to go to banks to transact money. A rickshaw puller, for example, had no practical way to visit a bank and send money to family members. Our goal was to enable every person in the country to conduct financial transactions from home. bKash has created a new paradigm in Bangladesh by fulfilling that objective.”
He further said, “All institutions established under the leadership of Sir Fazle Hasan Abed were intended to contribute to the welfare of marginalised and underprivileged people. BRAC Bank was also founded with the same objective. Earlier, banks in Bangladesh were reluctant to provide loans to the SME sector. So, the bank was established to extend banking services and credit facilities to small and marginal entrepreneurs. Likewise, bKash is generating substantial profits through successfully delivering financial services to households across the country. A valuation of the company was conducted a few years ago, when its market value stood at $1 billion. Its valuation would now exceed $1.2 billion.”
bKash Limited was incorporated on March 1, 2010, as a share-based private company under the Companies Act, 1994. But after obtaining a mobile financial services (MFS) license from Bangladesh Bank and completing other regulatory requirements, the company formally commenced operations in 2011.
Despite bKash expanding rapidly and significantly broadening its business footprint, its net profit growth initially lagged. Over the past four years, however, the company has maintained consistent growth in both revenue and profitability. After earning a net profit of only BDT 170 million in 2022, bKash posted profits of BDT 980 million in 2023 and BDT 3.16 billion in 2024. Last year, its net profit reached a record BDT 6.61 billion. Many well-established first- and second-generation banks in the country were unable to generate such a level of net profit during the same period.
The company generated revenue of BDT 65.65 billion in 2025, according to information contained in bKash’s financial statements. To provide its services, it incurred expenses of BDT 41.48 billion, resulting in a gross profit of BDT 24.18 billion. Of this amount, BDT 17.10 billion was spent on operating, administrative, and commercial activities. After accounting for these expenditures and tax payments, bKash’s net profit for the year stood at BDT 6.61 billion.
bKash issues e-money against funds deposited by its customers. At the end of last year, the company’s total e-money value amounted to BDT 110.04 billion. Altogether, the company’s financial statements show that its total assets and liabilities stood at BDT 162.21 billion at the end of 2025.
The company had 82 million verified registered customers at the end of last year, according to bKash. Of these, 47 million customers were active, having conducted transactions within the previous three months. The company currently provides services nationwide through more than 350,000 agent points and nearly one million merchant payment outlets.
Using the bKash app, customers have opened more than six million savings and deposit pension scheme (DPS) accounts with four commercial banks and one financial institution in Bangladesh. During the same period, City Bank PLC disbursed more than BDT 65 billion in digital loans through the bKash app.
Bangladeshi expatriates can now send remittances directly to their loved ones’ bKash accounts from more than 170 countries via 135 international money transfer operators (MTOs). These remittances are settled through 27 domestic commercial banks.
Moinuddin Mohammed Rahgir, chief financial officer (CFO) of bKash, said that the company now offers more than 200 services through its app. Speaking to Bonik Barta, he said: “bKash began its journey with a strong commitment to building a cashless Bangladesh. From the outset, we’ve worked to bring financially excluded and underbanked populations into the formal financial system. We’re steadily progressing toward achieving that goal.”
He added, “A significant portion of bKash customers now conduct cashless transactions regularly, which is playing an important role in expanding digital financial services across the country. The growing adoption of digital services has accelerated growth in both the company’s revenue and profitability. As a key enabler of Bangladesh’s transition toward a cashless and digital economy, bKash will continue investing in strengthening the country’s financial ecosystem, digital commerce, and payment solutions sector in the years ahead.”