20 Oct 2020
VEON acquires strategic stake in Bangladesh's leading full-stack B2B commerce platform, ShopUp Investment expands VEON's fintech reach into SME commerce
Amsterdam, 20 October 2020 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), through VEON Ventures, has joined Sequoia Capital India and Flourish Ventures as investors in ShopUp, Bangladesh's leading full-stack B2B commerce platform for small businesses, becoming ShopUp's first strategic corporate investor.
The investment enables VEON Ventures to support ShopUp's fast-growing digital ecosystem for micro, small and medium-sized enterprises (MSMEs), which form a vital backbone of Bangladesh's economy, as well as providing significant opportunities for developing mobile financial services for ShopUp's users.
As Bangladesh's leading full-stack B2B commerce company, ShopUp provides B2B sourcing, logistics and financial services to MSMEs through its mobile-first digital platform and market-leading last mile logistics service, RedX. ShopUp is already used by a large portion of Bangladeshi local businesses, helping neighbourhood shops and online sellers overcome the supply chain challenges of Bangladesh's highly fragmented wholesale, retail and distribution channels.
ShopUp's embedded financial services product provides MSMEs with access to digital credit through partnerships with leading local financial institutions, broadening financial inclusion to communities of small businesses that often lack access to basic banking services.
Sergi Herrero, VEON's co-CEO, said: Our investment in ShopUp offers VEON Ventures a fantastic opportunity to back one of the leading digital players in a strategic market for VEON and one of the world's fastest growing economies. By combining VEON's expertise in digital financial services with ShopUp's unique sourcing and logistics capabilities, we look forward to serving the business needs of Bangladesh's vibrant MSME community while helping to promote financial inclusion throughout the nation's millions of small business owners.
Afeef Zaman, co-Founder and CEO of ShopUp, said: We knew we would witness massive adoption of the internet and technology by Bangladesh's small businesses and founded ShopUp because we wanted to play our part in redefining the nation's growth story through this transformation. COVID-19 makes this shift even more critical for Bangladesh's smaller businesses as supply chain pressures intensify. An investment from a leading international digital player such as VEON is an important step in our ongoing support of the MSME community, allowing us to increase our reach with retailers, suppliers and manufacturers.
VEON's investment was led by the VEON Ventures division, which pursues investment opportunities across digital assets and businesses with the ability to scale VEON's capabilities in mobile financial services, adtech and next-generation media content in order to enrich the experience of VEON's 205 million customers worldwide.
VEON's investment in ShopUp was made alongside Flourish Ventures and Sequoia Capital India. Both investment firms co-led the current investment round for ShopUp, with additional participation from Speedinvest and Lonsdale in what is the largest Series A round of its kind for a Bangladeshi start-up.
About VEON and ShopUp
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com.
ShopUp is Bangladesh's leading full-stack B2B Commerce platform for small businesses (neighbourhood shops and online sellers). We provide easy access to B2B sourcing, last-mile logistics, digital credit and business management solutions. To know more about our work, visit www.shopup.com.bd.
Disclaimer
This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, the potential benefits of the transaction described above. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
This website stores cookies on your computer. These cookies are used to improve vour website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy
We wont track your information when you visit our site. But in order to comply with your preferences, well have to use just one tiny cookie so that youre not asked to make this choice again.
AcceptDecline
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
12/03/2026
Staines-upon-Thames, UK, 11th March, 2026 - Yospace, the trusted leader in Dyna...
12/03/2026
In Latin America, women are shaping music and defining its future. To kick off t...
12/03/2026
En Am rica Latina, las mujeres est n moldeando la m sica y definiendo su futuro....
12/03/2026
Let's turn back the clock 20 years: The music landscape was a world away fro...
12/03/2026
Bad Bunny is no stranger to Spotify's Billions Club. In fact, he has a whopp...
12/03/2026
Spotify was at the London Book Fair this week, joining conversations across the publishing industry about how people can make reading part of their daily lives....
12/03/2026
Mastering tool improves mono compatibility
Tokyo Dawn Labs' Ohlhorst Digital range is a series of mastering-focused plug-ins developed by Jan Ohlhorst, ...
12/03/2026
Wave FX processor integrated into four products
Lewitt have teamed up with Elgato to create a new processor for the company's Wave Next product range, i...
12/03/2026
Free tool for annotating audio files
Mix Notes is a new, free iOS App that provides users with a simple way to annotate their audio files. It's been cre...
12/03/2026
Side-chain ducking tool gets an upgrade
Devious Machines' popular side-chaining and envelope-shaping tool has just been kitted out with an improved enve...
12/03/2026
Ceremony to take place on 16 April 2026
The MPG (Music Producers Guild) have revealed the full shortlist for this year's MPG Awards, which will be takin...
12/03/2026
Emulates three classic dbx 160 variants
The latest arrival to Overloud's Gem Series plug-in range faithfully recreates not one, but three versions of th...
12/03/2026
New granular soft synth announced
Said to be their most advanced software synthesizer to date, Baby Audio's latest release has been built on a new granu...
12/03/2026
Latest version now live!
Edit 11 March 2026 - Bitwig Studio 6 is now live, and available for all to download!
The latest version of Bitwig's DAW softwa...
12/03/2026
Latest free eBook now available!
Designed for recording engineers, audio-technology students and technically minded musicians, our latest free eBook deliver...
12/03/2026
Rohde & Schwarz Cybersecurity expands SITLine network encryptor portfolio - more...
12/03/2026
Rohde & Schwarz to showcase future-proof EMC testing solutions at EMV 2026 Rohde & Schwarz will participate in EMV 2026, Europe's premier trade fair and c...
12/03/2026
Modern media operations demand a platform that unites automation, orchestration, and human oversight without compromise. In this post, we explore the six key te...
12/03/2026
A deep dive into the platform
Architecture The Blue Lucy platform follows a distributed microservices architecture, meaning the overall operational capability...
12/03/2026
Orchestration platform enables broadcasters to deploy multiple AI models safely with full auditability, rights protection, and regulatory oversight.
LONDON, En...
12/03/2026
Wuppertal March 12, 2026
Riedel Expands Managed Technology Division in the Ame...
12/03/2026
Advanced Media Server Delivers Double the Channel Density at Half the Cost per C...
12/03/2026
The Late Late Show Show St Patrick's Day special
Dancing with the Stars f...
11/03/2026
First Medium-Earth Orbit (MEO) deployment of the emergency.lu platform for refugees and their host communities' use provides dependable broadband for humani...
11/03/2026
Following a successful first series, UKTV today announces the commission of two ...
11/03/2026
Wednesday 11 March 2026
Sky and CANAL launch new partnership to develop English-language drama
Sky and CANAL are today announcing a strategic co commissioni...
11/03/2026
NTCA, Cartesian Release New Report on the Business Case for USF
March 11, 2026
Network Economics
News
NTCA - March 11, 2026 - As the FCC and Congr...
11/03/2026
TELL US YOUR (SHORT) STORIES
The 2026 RT Short Story Competition is now open for entries
Recognising and rewarding the best new Irish fiction writing for...
11/03/2026
RT 's The Traitors Ireland is among the nominees for the 2026 Celtic Media Festival Torc Awards for Excellence, announced today....
10/03/2026
10 Mar 2026
VEON's Largest Market Pakistan Almost Triples Mobile Spectrum i...
09/03/2026
Contains all six dual-ensemble libraries
VSL's Duality Strings series offers an intriguing alternative to your average string library, capturing two str...
09/03/2026
Outstanding Contribution To UK Music
Photo: Samuel Bradley
Ahead of their upcoming MPG Awards, the Music Producers Guild (MPG) have revealed the latest win...
09/03/2026
Two new high-quality DI boxes announced
Boasting some impressive technical specifications and versatile routing options, Strymon's latest active DI boxe...
09/03/2026
Latest MPE-capable Soundbox library released
The follow-up release for Sonora Cinematic's Pure Nylon has arrived, and becomes the latest addition to the...
09/03/2026
Popular wireless mic head design revived
Sennheiser have revealed that the MD 9235, a cardioid mic head designed to pair up with their handheld wireless sys...
09/03/2026
Captures two sought-after Dumble combo amps
The latest TONEX release captures a pair of sought-after Dumble amplifiers from IK Multimedia's private amp ...
09/03/2026
Flexible all-analogue insert matrix joins line-up
HUM Audio Devices don't tend to do things by halves - even the quickest of glances at the likes of the...
09/03/2026
Captures three sought-after pianos
Rhodes latest software release brings together a collection of three virtual pianos: a concert grand, an acoustic upright...
09/03/2026
Flagship compressor gets an upgrade
Techivation's flagship compressor plug-in has just been treated to a ground-up rebuild that kits it out with some po...
09/03/2026
Profiler OS 14.0 enters open beta
Kemper's amp-modelling systems already have a great reputation, but the latest update to their systems' underlying...
09/03/2026
Procedural stems smasher & recomposition engine
Blinksonic have recently launched a new Reaktor-based tool which they say takes a radical departure from yo...
09/03/2026
13 - 15 March 2026 at University of Warwick Conference Centre
The Institute of Professional Sound (IPS) have announced that The IPS Training Weekend 2026 wi...
09/03/2026
Rohde & Schwarz and NETGEAR collaborate for next generation Wi-Fi 8 access point...
09/03/2026
UKTV has agreed a new partnership deal with Samsung that makes UKTV's free linear channels available to internet-only Samsung TV viewers in the UK for the f...
20 Oct 2020
