Pakistan-based BNPL company QisstPay raises $ 15 million
- QisstPay – Pakistan’s fastest growing purchase and subsequent payment platform (BNPL) – recently announced that it had raised $ 15 million. These are the details.
QisstPay – Pakistan’s fastest growing Faster Buy and Pay Platform (BNPL) – recently announced that it had raised $ 15 million during its seed and pre-payment cycles. seed with a mix of equity and debt. MSA Capital led the round with institutional investment participation from Global Founders Capital; Fox Ventures, First Check Ventures and a series of strategic angel investments from Simone Mancini and Johnny Mitrevski, co-founders of Scalapay; Ashley Davies, former CFO of Venmo and current CFO of Sylp; former C Suite at Affirm; Adam Mawdesley, vice president of partnerships and products at Splitit; and United Bank Limited of Pakistan.
QisstPay is known as a structured payment service for emerging markets. And they’re tackling the lack of flexibility, integration, and hidden fees that currently plague the payments landscape in Pakistan by providing customers with an efficient, adaptable, and interest-free platform. When chosen at checkout, QisstPay allows customers to pay for their purchase in installments with 0% interest and no late fees.
QisstPay enables Pakistanis to pay for daily necessities, improving cash management in what is otherwise considered a very cash-driven company. And the majority of Pakistanis do not have the financial knowledge to get credit card approved and therefore rely on QisstPay to help them manage their daily expenses. QisstPay basically helps solve this problem by allowing people to buy the things they really need, like phone service and food, and pay for them over time.
Co-founder and CEO Jordan Olivas is a former Klarna employee who supported the launch of the company’s Pay In 4 solution, one of the largest BNPL platforms in the world. And after moving to Pakistan in 2021, Olivas noticed the lack of functioning financial services that plagues the fifth largest population in the world. He therefore decided to build a platform with his co-founder Saad Ahmed.
QisstPay is growing rapidly and has seen a 92% week-to-week growth rate. And currently, they serve over 500 retailers in Pakistan, including Samsung, Camelbak, Diesel, Philips, Xiaomi, and Lenovo, and regional leaders like Sapphire, Uniworth, Logo Shoes, and the nation’s largest Shopify store, elo.
Funding for this round will go towards expanding QisstPay’s services and team. And that includes the financing of transactions and partnerships with traditional Pakistani financial institutions. They are also expanding their services to include Sri Lanka and Bangladesh. And by the end of this year, they’re looking to expand their Islamabad-based team to over 100 people.
“After moving here to Pakistan, I noticed how the people of this country need a financial tool to help them buy goods and services that they not only want, but really need. . Over 60% of Pakistan’s population is under the age of 30, which means the majority of the country is adopting new technologies. Yet, so many people still believe that Pakistan is not ready to adopt a BNPL system. The rapid growth and use of a platform like QisstPay proves the opposite.
– Co-founder and CEO Jordan Olivas
“Export remnants recently hit another high, reaching the fastest peak of 85% in average order value since we started offering Qisstpay BNPL to our customers. “
– Umar Qamar Co-Founder of Elo, Pakistan’s Largest Shopify Ecommerce Brand
“Pakistan is one of the countries most often overlooked when it comes to FinTech investments. However, it is also one of the countries with the most potential. We’re excited to be working with QisstPay to help bring much-needed financial tools and services to one of the world’s largest populations. We don’t just invest in the company and its founders, we invest in their impact.
– Tim Chen, general partner at MSA Capital