What happens when a college freshman decides to solve Nepal’s payment problems with nothing but four computers and unwavering determination? The answer is transformational—Biswas Dhakal founded F1Soft International in 2004 and later created eSewa, fundamentally changing how millions of Nepalis handle money and sparking the country’s fintech revolution.
Who Is Biswas Dhakal and Why Is He a Major Figure in Nepal?
Biswas Dhakal is Nepal’s most influential tech entrepreneur, recognized as the founder of F1Soft International and the creator of eSewa, Nepal’s first and leading digital payment gateway. As Chairman of F1Soft Group, Biswas Dhakal is a trailblazer for financial services in the country, where almost 90% of banks use at least one of his company’s 12 solutions.
His primary contributions extend far beyond creating successful companies. Dhakal pioneered Nepal’s entire fintech industry by launching F1Soft in 2004, conceptualizing eSewa in 2006, and building what would become the F1Soft Group—a comprehensive digital financial services ecosystem that includes Fonepay, eSewa Money Transfer, and other groundbreaking platforms.
“Our growth aligns with our vision, which is to use technology to simplify daily life,” he says. “Right now, we’re only doing payments, but people’s lives are about more than money. From waking up in the morning to going to bed at night, what does a person do and how can we make their activities easier?”
The significance of Dhakal’s work cannot be overstated. He transformed a cash-dependent society into one embracing digital solutions, proving that innovative technology companies could emerge from Nepal and compete globally. His success story has become a blueprint for aspiring entrepreneurs across South Asia.
Key Facts at a Glance
| Attribute | Value |
|---|---|
| Full Name | Biswas Dhakal (विश्वास ढकाल) |
| Born (Age) | December 14, 1981 (43 years old as of 2025) |
| Nationality | Nepali |
| Birthplace | Mahottari, Nepal |
| Occupation | Tech Entrepreneur, Chairman of F1Soft Group |
| Active Years | 2004–Present |
| Notable For | Founding F1Soft International; Creating eSewa (Nepal’s first digital wallet); Pioneering Nepal fintech industry |
| Spouse | Isha Sharma |
| Children | Bibhusa Dhakal (daughter) |
| Estimated Net Worth | Approximately $5 million USD (as of 2022) |
| Education | Kantipur Engineering College (Tribhuvan University); Nepal College of Information Technology (Pokhara University); MIT Sloan School of Management (Fintech: Future Commerce executive program) |
| Key Organizations | F1Soft Group, eSewa, Fonepay Payment Service Ltd., eSewa Money Transfer |
Early Life, Education, and Entrepreneurial Spark
Nepali Roots and Early Interests
Biswas Dhakal was born in Mahottari, Nepal, where his technological curiosity emerged early. After finishing his SLC from Janakpur, Dhakal went Chennai for his studies, but it was his return to Nepal that would prove most significant for the country’s digital future.
Growing up in a family that encouraged independence and innovative thinking, Dhakal demonstrated his inventive spirit early. His formative years in the tarai region of Nepal exposed him to both the challenges and opportunities of serving diverse communities across the country’s varied landscape.
The young Dhakal showed natural problem-solving abilities that would later define his entrepreneurial approach. His early exposure to Nepal’s economic realities, particularly the difficulties people faced with basic financial transactions, planted the seeds for his future innovations in digital payments.
Educational Path and Early Setbacks
Dhakal’s educational experience was marked by both struggles and discoveries. Coming back from Chennai, he joined Kantipur Engineering College under Tribhuvan University, from where he could not pass out. Despite his huge interest in electronics, it took him a long time to realize that electronics was not his calling.
This academic setback became a crucial turning point. Rather than viewing failure as an endpoint, Dhakal used it as redirection toward his true calling. His eventual enrollment at Nepal College of Information Technology under Pokhara University introduced him to programming and software development—skills that would become the foundation of his entrepreneurial empire.
Later, Dhakal enhanced his expertise by completing the ‘Fintech: Future Commerce’ executive program at MIT Sloan School of Management, deepening his understanding of financial technology and its global applications. This international exposure would prove invaluable in building world-class solutions from Nepal.
The F1Soft International Success Story: From College Startup to Tech Conglomerate
How F1Soft International Began in 2004
Biswas Dhakal founded F1Soft International in 2004 while he was a college freshman, initially addressing Nepal’s pressing need for domain registration and web hosting services. He first started working for Plan International where his task was data entry, earning Rs 14,000 monthly. Later, he registered F1Soft for the sole purpose of domain registration and web hosting.
The early days were characterized by resourcefulness rather than abundance. After 18 months, Dhakal was able to buy 4 computers and hire 4 staff for the operation. The F1Soft International 2004 college startup faced immediate challenges—collecting payments was a tough task, and he often had to pay his staff late.
What started as a simple web services company was actually Dhakal’s response to a market gap he observed firsthand. As internet connectivity began improving across Nepal, he recognized that local businesses would need digital presence and technical support—services that international providers couldn’t deliver with the same understanding of local contexts.
Building the F1Soft Group Ecosystem
F1Soft evolved from a modest startup into a comprehensive digital financial services holding company through Dhakal’s strategic vision of creating integrated solutions. The F1Soft Group ecosystem now encompasses multiple specialized entities: F1Soft International (core technology), eSewa (digital wallet), Fonepay (payment gateway), eSewa Money Transfer (remittance services), and several other innovative platforms.
The Red Herring editorial team recognized F1Soft as the 2012 Red Herring 100 Asia winner, selecting it as one of the most innovative and promising companies from hundreds across Asia. This international recognition validated Dhakal’s ecosystem approach and positioned F1Soft as a regional technology leader.
The genius of Dhakal’s strategy lies in creating complementary services that strengthen each other. Rather than building isolated products, he developed an integrated platform where each component enhances the others’ value proposition, creating what economists call network effects—where each additional user makes the entire system more valuable for everyone.
Revolutionizing Digital Payments: The Creation of eSewa and Fonepay
Why Was eSewa Created? Launching Nepal’s First Digital Wallet
Dhakal conceptualized and co-founded eSewa, which was launched in 2009 with his partner Asgar Ali leading the platform as its CEO, to solve Nepal’s critical “payment gap.” The concept originated much earlier when Dhakal first conceptualized eSewa in 2006, an idea ahead of its time in Nepal. For two years, he pitched the concept of an online payment gateway but struggled to gain the trust of banks and large firms.
The creation of eSewa wasn’t straightforward. “Everyone sees our success, but they don’t know our failures,” says Dhakal. The first version attempted to work through the SCT network as a card payment system, but “No one is going to purchase a Rs100 recharge card if the vendor is taking Rs10,” he explains.
The breakthrough came when Laxmi Bank’s leadership recognized the potential. When he presented the same concept two years later, the CEO of Laxmi Bank turned out to be crucial for him. The CEO not only accepted his proposal but also assured working capital of 25 lakhs.
eSewa became South Asia’s first payment gateway, but its early operations required remarkable creativity. “When we offered mobile recharges through eSewa, NTC didn’t have an electronic recharge system. So we would go out, buy a lot of recharge cards, upload the numbers into an excel sheet and give them out when someone paid for a recharge.”
The Role of Fonepay in Unifying Digital Financial Services
Fonepay was established as a subsidiary to facilitate secure mobile payments, becoming Nepal’s first mobile payment network licensed by the central bank as a Payment System Operator (PSO). As Nepal’s first mobile payment network licensed by the central bank as a Payment System Operator (PSO), Fonepay achieved another milestone by becoming the country’s first non-card-based PSO to earn the prestigious Payment Card Industry Data Security Standard (PCI DSS) certification, affirming its commitment to security.
The platform’s significance extends beyond simple transactions. This interoperable network connects nearly 80 member banks and financial institutions (BFIs), linking over 20 million active users to a network of more than 1.8 million merchants across Nepal. As Fonepay CEO chairman, Dhakal ensured the platform could handle complex interbank transactions while maintaining user-friendly interfaces.
Fonepay represents Dhakal’s understanding that sustainable fintech solutions require collaboration rather than competition with traditional financial institutions. By positioning Fonepay as an enabler rather than a disruptor, he created lasting partnerships that continue driving Nepal’s cashless economy forward.
Impact, Awards, and Recognition
Biswas Dhakal’s Major Awards and Accolades
Biswas Dhakal has received significant recognition for transforming Nepal’s technology landscape. The Entrepreneur ICT Award 2018 represents one of Nepal’s most prestigious technology honors, recognizing his pioneering work in the fintech sector. His contributions have won him many accolades including the Manager of the Year Award in 2017.
International recognition followed domestic success. Dhakal was selected by The US Department of State for the International Visitor Leadership Program (IVLP) and the Global Entrepreneurship Summit 2016 from Nepal. This program brings emerging leaders to the United States to exchange ideas and build lasting professional relationships.
The prestigious Gopal-Kamala Rajbhandari Rotary Award for Vocational Excellence stands among his most significant honors, recognizing outstanding professional achievements that benefit society. The Federation of Nepal Chamber of Commerce (FNCCI) awarded F1Soft the Service Excellence Award, which was received from Honorable President of Nepal Dr. Ram Baran Yadav.
Driving the Nepal Fintech Revolution
Dhakal is widely regarded as the Nepal fintech pioneer, with his work instrumental in the country’s transition toward digital financial solutions. F1Soft is the technology partner for a vast majority of the country’s financial institutions, with reports indicating its products are used by over 90% of Nepali banks, connecting over 3 million people in Nepal to various financial services.
According to The Kathmandu Post, as of 2024, eSewa serves over 8.5 million active users and has a network of over 200,000 agents (eSewa Zones and Points) across the country, employing at least a thousand people. The platform’s impact extends far beyond urban centers, with Dhakal’s plan to reach every rural municipality across Nepal.
The fintech infrastructure Dhakal built has attracted international attention and investment to Nepal’s technology sector. His company has gone from a small start-up to the country’s largest taxpayer in the IT sector, a success story unprecedented in the country.
Personal Life and Public Persona
Family Life
Biswas Dhakal is married to Isha Sharma, and they have a daughter named Bibhusa Dhakal. The family lives in Kathmandu, Nepal, where Dhakal maintains a strong focus on family life despite his demanding professional responsibilities.
His family-oriented approach influences his business philosophy, emphasizing solutions that genuinely improve people’s daily lives rather than pursuing technology for its own sake. This perspective keeps him connected to the practical needs of ordinary Nepalis who use his platforms.
A Vision for a Digital Nepal
Dhakal’s public persona reflects his identity as a thoughtful, driven leader focused on practical innovation. The MIT technology entrepreneur presents himself simply, walking around in jeans and a t-shirt even though he’s the chairman of a billion-rupee company.
“We aren’t afraid to try new things. If it works, we take it forward, but if it doesn’t then we rethink it. Sometimes the idea itself doesn’t sell and sometimes the time isn’t right,” says Dhakal. “That’s what got us to where we are now.”
His philosophy on entrepreneurship centers on encouraging young Nepalis to build globally competitive solutions while remaining rooted in local contexts. Dhakal frequently speaks about Nepal’s potential to become a technology export hub, provided entrepreneurs focus on solving real problems with innovative approaches.
Challenges on the Path to Digitalization
Overcoming Technical and Market Hurdles
The early years of eSewa and F1Soft faced substantial technical and market challenges. When Dhakal founded F1Soft as a college freshman in 2004, there was very low internet or smartphone penetration in Nepal. Public trust in digital transactions was minimal, as people were accustomed to cash-based len-den and face-to-face business relationships.
“We work end-to-end but when we first started, there was no technology on the other end,” says Dhakal. The team had to manually handle many processes that would later become automated, including collecting electricity bills and physically standing in line at government offices to pay them.
Dhakal addressed these challenges through patient education campaigns and gradual feature rollouts. “Electronic payments only came out around last year and digital conversion is already about 20 percent,” says Dhakal, meaning 20 percent of all electricity bills are now paid online.
A significant obstacle was the absence of clear legal frameworks for digital payments in Nepal. When eSewa launched, the country lacked specific regulations governing digital wallets, forcing the platform to operate based on international standards while advocating for appropriate local regulations.
“The government wants to go digital but there’s no execution. There’s no vision, no deadline,” he says. This frustration reflects broader systemic challenges that continue to affect Nepal’s technology sector.
Despite these obstacles, Dhakal worked closely with Nepal Rastra Bank and other regulatory bodies to develop frameworks supporting innovation while protecting consumers. “As an entrepreneur, you build everything from scratch but you have to constantly protect it. If not, external factors will lead to its collapse,” he says.
Frequently Asked Questions about Biswas Dhakal
Q: Who is Biswas Dhakal? A: Biswas Dhakal is a renowned Nepali tech entrepreneur who founded F1Soft International and created eSewa, Nepal’s first digital wallet.
Q: Who is the owner of F1Soft Nepal? A: Biswas Dhakal is the founder and Chairman of F1Soft International, which he established in 2004 as a college freshman.
Q: What is the main company founded by Biswas Dhakal? A: He founded F1Soft International in 2004, which has evolved into the F1Soft Group, Nepal’s leading digital financial services ecosystem.
Q: Who is the eSewa founder? A: Biswas Dhakal conceptualized and co-founded eSewa, which he launched in 2009 with his partner Asgar Ali as Nepal’s first digital wallet and one of the earliest comprehensive payment gateways in South Asia.
Q: How old is Biswas Dhakal? A: As of 2025, Biswas Dhakal is 43 years old, having been born on December 14, 1981.
Q: What is Biswas Dhakal’s net worth? A: Biswas Dhakal’s estimated net worth is approximately $5 million USD as of 2022, earned primarily through his fintech ventures.
Q: Who is Biswas Dhakal’s wife? A: Biswas Dhakal is married to Isha Sharma, and they have a daughter named Bibhusa Dhakal.
Legacy and Enduring Influence in Nepal
Biswas Dhakal’s legacy is defined by his role as the principal architect of Nepal’s fintech infrastructure. He transformed a society that relied almost entirely on cash transactions into one increasingly embracing digital financial services. This transformation enabled economic inclusion for previously underserved populations and created new opportunities for entrepreneurship across the country.
“I want three generations to know what we did and how we changed lives,” Dhakal reflects, emphasizing the lasting impact he hopes to achieve. His Biswas Dhakal success story serves as powerful inspiration for young Nepali entrepreneurs, demonstrating that globally competitive technology companies can emerge from Nepal.
“We started our business in 2004, when there was no internet penetration and no smartphone penetration. Today we cater to almost half of the population through fintech services,” he notes, highlighting the dramatic transformation his work has enabled.
More than just a successful entrepreneur, Biswas Dhakal represents a key nation-builder for modern Nepal. The infrastructure he built through F1Soft, eSewa, and Fonepay now serves as the foundation for Nepal’s continuing digital transformation, while his example encourages others to pursue ambitious technology ventures that can transform entire industries.
Despite the challenges of operating in Nepal’s complex regulatory environment, Dhakal’s persistence has created a lasting impact that extends far beyond his individual companies. As new technologies emerge and new challenges arise, the systems he established provide the stability and reliability that enable further innovation and growth in Nepal’s expanding technology sector.
