ISLAMABAD: Bank Alfalah, one of Pakistan’s leading financial institutions, has reinforced its commitment to financial inclusion by increasing its investment in Qist Bazaar, Pakistan’s rapidly growing buy-now-pay-later (BNPL) platform catering to essential purchases of people with minimal and easy instalments.
As part of the latest funding round, Bank Alfalah has invested an additional Rs55 million as part of Qist Bazaar’s Series A raise of around Rs800 million, further solidifying its confidence in Qist Bazaar’s vision and exponential growth, according to a press release issued here on Friday.
Qist Bazaar has seen remarkable expansion, now operating 40 branches across seven cities, primarily serving Pakistan’s unbanked and underbanked populations.
By offering easy instalment-based payment solutions, the platform has enabled thousands of individuals and small businesses to access essential products previously beyond their financial reach.
In addition to its equity investment, Bank Alfalah has provided Qist Bazaar with Rs460 million in debt lines.
Functioning like a pre-approved credit facility, this arrangement allows the start-up to draw funds as needed. This financial support is designed to strengthen Qist Bazaar’s ongoing expansion and growth objectives, further amplifying its impact on the market.
Atif Bajwa, President and CEO of Bank Alfalah, commented, “At Bank Alfalah, our commitment to digital transformation and financial inclusion is unwavering.
By investing an additional Rs55 million in Qist Bazaar and extending Rs460 million in credit facility, we are fueling the growth of a dynamic startup and paving the way for innovative payment solutions.
These initiatives empower citizens with easy instalment options, making financial services more accessible. By working with startups like Qist Bazaar, we can drive a more inclusive and digitally empowered future for our country.”
“Qist Bazaar’s mission to serve the unbanked has been greatly enabled by Bank Alfalah’s belief in its vision.
With over 75,000 Pakistanis benefiting from our collaboration, we are shifting gears to accelerate financial inclusion at an even greater scale. This investment is part of Series A led by Indus Valley Capital with Gobi Partners, coupled with the debt financing, marks another milestone in our investor’s commitment to fostering innovation and bridging the financial gap for underserved communities.” commented Arif Lakhani, CEO of Qist Bazaar.
As Pakistan’s fintech ecosystem continues to evolve, the partnership between Bank Alfalah and Qist Bazaar is set to drive financial accessibility and economic empowerment, ensuring that more individuals and businesses can participate in the country’s growing digital economy.
