Pakistan’s leading Buy Now Pay Later fintech startup closes Series A funding round, paving the way for expanded financial access
In a significant boost to Pakistan’s evolving consumer financing sector, Qist Bazaar, the country’s leading Buy Now Pay Later (BNPL) fintech startup, has successfully closed a $3.2 million Series A funding round. This milestone investment, spearheaded by Indus Valley Capital and joined by Gobi Partners, marks a crucial step towards achieving Qist Bazaar’s vision of financial inclusion for all.
Licensed as a Non-bank Financial Company (NBFC) by the Securities and Exchange Commission of Pakistan (SECP), Qist Bazaar has made remarkable strides since its inception in 2021. The platform has disbursed over 55,000 loans totaling $12 million, empowering Pakistanis to purchase essential goods like mobile phones and home appliances through affordable monthly payments.
“This investment is a testament to our commitment to bridging the financial gap for the unbanked and underbanked populations in Pakistan,” said Arif Lakhani, Co-founder of Qist Bazaar. “The round was led by Indus Valley Capital, with participation from Gobi Partners, a prominent Asia-focused venture capital firm with US$1.6 billion in assets under management (AUM). Bank Alfalah, one of Pakistan’s largest commercial banks has already invested in Qist Bazaar, leading the seed round”.
The funding round signifies a landmark collaboration between international venture capital firms and a leading Pakistani bank in the BNPL space. This strategic partnership is expected to accelerate Qist Bazaar’s growth trajectory, expanding its reach and enhancing its product offerings.
As Pakistan’s fintech landscape continues to evolve, Qist Bazaar remains at the forefront, addressing the pressing need for accessible and affordable financial solutions. With this investment, the startup is poised to make a lasting impact on the country’s financial ecosystem, fostering economic empowerment for millions.
