Pakistan’s QisstPay Notches $15M to Grow BNPL Platform

Pakistan’s first buy now, pay later (BNPL) platform QisstPay raised $15 million in pre-seed and seed funding rounds that will be used to help the startup build out its adaptable, interest-free platform for installments, according to a press release.

The mix of equity and debt funding was led by MSA Capital, with participation from Global Founders Capital, Fox Ventures and First Check Ventures, the release stated.

Strategic angel investments also came from Simone Mancini and Johnny Mitrevski, co-founders of Scalapay; Ashley Davies, former Venmo chief financial officer and current Sylp CFO; Adam Mawdesley, vice president of Partnerships and Product at Splitit; and United Bank Limited of Pakistan, according to the release.

Read more: Power and Perils of Bringing BNPL to Pakistan

QisstPay offers installment payments for emerging markets and aims to address the hidden fees and lack of integration that has permeated the payments ecosystem in Pakistan, the release stated. When chosen at checkout, QisstPay enables shoppers to pay in installments with no interest or late fees.

Co-Founder Jordan Olivas said in the release he saw the need for such a product when he moved to the country — the fifth largest population in the world — and realized that people could benefit from a financial tool to purchase goods and services.

“Over 60% of Pakistan’s population is under the age of 30, which means that the majority of the country is adopting new technologies,” he said in the release. “Yet so many people still believe that Pakistan isn’t ready to adopt a BNPL system. The rapid growth and use of a platform like QisstPay proves otherwise.”

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The installment tool gives Pakistanis the ability to pay for items they need every day while also helping them better manage their money in what is largely a cash-driven landscape. Most people in the country don’t have the wherewithal to obtain credit cards and have turned to QisstPay to help them manage expenses to pay for necessities like phone service and food, the release stated.