Qist Bazaar, a Karachi, Pakistan-based “buy now pay later” (BNPL) fintech startup, raised US$3.2M in Series A funding.
The round was led by Indus Valley Capital, with participation from Gobi Partners. Bank Alfalah has already invested, leading the seed round.
The company intends to use the funds to accelerate its growth by expanding its product portfolio, enhancing its technology infrastructure, and scaling operations across Pakistan.
Founded in 2021 and led by CEO Arif Lakhani, Qist Bazaar provides a buy now pay later (BNPL) fintech platform. Licensed by the SECP as a Non-bank Financial Institution (NBFi), it offers installment payment solutions to all Pakistanis. The platform also enables customers to purchase essential goods with flexible payment plans, fostering financial inclusion for unbanked and underserved communities.
In three years, the platform has disbursed over 55,000 product-based loans amounting to $12 million. Now, Qist Bazaar plans to accelerate its growth by expanding its product portfolio, enhancing its technology infrastructure, and scaling operations across Pakistan. The company plans to establish a presence in Islamabad, Sukkur, Faisalabad, Multan, and further increase capacity in Karachi and Lahore. Additionally, new product categories, such as solar power generators for small households, are being introduced. To extend its reach, Qist Bazaar has launched a dealer network across various categories, enabling others to market its payment plans. The company has also initiated B2B2C efforts, with early successes in securing major textile partners.
FinSMEs
24/09/2024