ShurjoPay
About the Company
shurjoPay is an online payment gateway owned by shurjoMukhi Limited, a company that has been licensed by Bangladesh Bank as a Payment System Operator (PSO). It was officially launched in 2010 to address the lack of payment solutions for e-merchants in Bangladesh. Initially, the company faced significant challenges, including limited access to payment infrastructure, but shurjoPay successfully bridged this gap. Today, shurjoPay supports hundreds of merchants, including e-commerce businesses and educational institutions, enabling them to collect payments online through various methods, including credit cards, debit cards, and mobile wallets.
The company's impact has been substantial in driving Bangladesh's e-commerce growth, which has seen significant expansion in recent years. With over 150 employees, shurjoPay has become one of the most important fintech companies in the country, contributing to a digital transformation in payment systems. It has also played a key role in supporting the country's businesses and institutions by providing secure and reliable payment infrastructure.
Idea Behind Company
The idea for shurjoPay originated in 2009 when Fida Haq, the CEO, was managing an ATM network in Bangladesh. During this time, Bangladesh lacked a reliable online payment gateway or the infrastructure to support e-commerce. Without platforms like PayPal, it was challenging for local merchants to accept payments online. Haq recognized the potential of Bangladesh’s e-commerce sector, which had begun to show signs of rapid growth due to the country's rising GDP. He saw an opportunity to fill a crucial gap in the market by creating a local payment gateway.
Drawing inspiration from his overseas experience, where online payment systems were already commonplace, Haq decided to create a homegrown solution that could support the rapidly growing e-commerce sector in Bangladesh. His vision was to set up a digital payment platform that would integrate with local banks and mobile financial services, thus enabling businesses to accept payments online. With the idea firmly in place, Haq founded shurjoPay to provide a much-needed service for local merchants.
Creating the Company
Creating shurjoPay involved a detailed process of understanding the local payment infrastructure. The first step was reaching out to Bangladesh's banks to determine which had the e-modules needed to integrate into an online payment system. It became clear that integrating banks, non-bank financial institutions (NBFIs), and mobile financial services (MFS) would take time, so shurjoPay was designed with flexibility to accommodate these systems gradually. The team worked closely with banks to create a prototype that could be adapted as the local payment ecosystem developed.
ShurjoPay’s first major client was Teletalk, the state-owned telecom operator in Bangladesh, which allowed the gateway to be used for online mobile top-ups. This partnership served as an important proof of concept for the company and allowed it to scale further. The product was tested and refined through these early partnerships, which helped shape the final offering. As the payment gateway continued to evolve, shurjoPay started onboarding more merchants, positioning itself as a key enabler of e-commerce in Bangladesh.
Launching the Business
The beta launch of shurjoPay was a key milestone, with early adoption from notable businesses such as the Bangladesh Institute of Management (BIM) and Balaka Cineworld, which sold tickets online through the platform. The official launch event in 2012 garnered significant attention, with government ministers and industry stakeholders in attendance, signaling the arrival of a new era for Bangladesh’s digital economy. The timing was perfect, as the country’s growing e-commerce sector needed a reliable payment system to unlock further growth.
In the early years, shurjoPay's promotional efforts included offline campaigns such as attending events, fairs, and exhibitions, as well as television interviews, radio ads, and billboards. As the company grew, its marketing strategies evolved to include digital channels like social media, Google ads, and newsletters. These efforts helped shurjoPay build brand awareness and attract more e-merchants to its platform. Strategic partnerships with established companies and revenue-sharing models played a crucial role in accelerating the company’s growth.
Earnings
Since its launch, shurjoPay has experienced impressive growth, processing an average of USD 1.5 million in transactions per month as of 2021. The platform has successfully onboarded over 600 merchants, contributing to its robust monthly revenue. The company's business model relies heavily on its ability to scale quickly, integrating new banks and financial services as they become available. shurjoPay has continually added new features to enhance its platform, such as QR-based payment collection and payment links for businesses without websites.
The company's long-term projections suggest a further increase in transactional volume, with expectations to reach USD 5 million per month by the end of 2021. In response to the COVID-19 pandemic, shurjoPay played a critical role in enabling e-merchants and service providers to continue operating during the lockdowns, further solidifying its importance in the Bangladeshi economy. The business is on track to expand its user base and continue its role in transforming the country’s digital payment landscape.
