ISLAMABAD: Qist Bazaar, Pakistan’s leading Buy Now Pay Later (BNPL) fintech startup, has raised $3.2 million in a Series A funding round, marking a significant step in expanding its installment-based payment solutions across the country.
The round was led by Indus Valley Capital, with additional backing from Gobi Partners, a prominent venture capital firm with $1.6 billion in assets under management.
Bank Alfalah which had previously led the seed round, also participated in Series A funding.
This marks the first time an international venture capital firm has partnered with a major Pakistani bank to invest in a BNPL fintech, highlighting a pivotal moment in Pakistan’s consumer financing landscape.
Licensed by the Securities and Exchange Commission of Pakistan (SECP) as a Non-bank Financial Company (NBFC), Qist Bazaar provides installment-based loans to unbanked and underbanked segments of the population.
In just three years, it has disbursed over 55,000 loans, totaling $12 million, enabling consumers to purchase essential items such as mobile phones and home appliances through affordable monthly payments.
Arif Lakhani, Co-founder and CEO of Qist Bazaar, emphasized the company’s commitment to addressing essential needs: “At Qist Bazaar, we aim to make necessities like ceiling fans and water dispensers affordable for all. With the backing of our investors, we offer flexible payment options to ensure these items are accessible to everyone.”
The investment from Bank Alfalah has also paved the way for Qist Bazaar to secure debt financing from Pakistan’s leading financial institutions, expanding its capacity to serve customers with limited access to formal credit.
