QisstPay, a buy now, pay later (BNPL) company from Pakistan has raised $15m across its seed and pre-seed funding round to expand its team and services.
The funding round was led by MSA Capital and also saw investment from Global Founders Capital, Fox Ventures, First Check Ventures and numerous strategic angel investments.
Founded in 2020, QisstPay offers BNPL services across Pakistan will interest-free instalments to debit and credit card users and no late fees. The company has onboarded over 100 merchants to date.
QisstPay currently serves over 500 retailers in Pakistan included Diesel, Samsung, Philips, Lenovo and Xiaomi.
According to QisstPay, the funding from this recent raise will go towards the company’s expansion of its services and team. This will include the funding of transactions and partnerships with traditional Pakistani financial institutions. QisstPay is also aiming to expand its services into Sri Lanka and Bangladesh and expand its team in Islamabad to over 100 employees.
QisstPay co-founder and CEO Jordan Olivas said, “After moving here to Pakistan, I noticed how badly the people of this country need a financial tool to help them purchase goods and services that they not only want, but actually need,. Over 60% of Pakistan’s population is under the age of 30, which means that the majority of the country is adopting new technologies. 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.”
MSA Capital general partner Tim Chen added, “Pakistan is one of the most often overlooked countries when it comes to fintech investments. However, it’s also one of the countries with the most potential. We’re excited to be working with QisstPay to help bring one of the biggest global populations some much-needed financial services and tools. We’re not only investing in the company and its founders, we’re investing in their impact.”
Copyright © 2021 FinTech Global