Qist Bazaar raises $3.2m ‘Series A’ funding

KARACHI: Qist Bazaar, Pakistan’s buy now pay later (BNPL) fintech startup, has announced that it has secured $3.2 million in its Series A funding round.

Per a press release on Monday, the round was led by Indus Valley Capital, with participation from Gobi Partners holding $1.6 billion in assets under management (AUM). Bank Alfalah has already invested in Qist Bazaar and led the seed round.

This milestone transaction marks the first time an international VC has teamed up with a Pakistani commercial bank to take an equity stake in a BNPL fintech startup, signalling a significant moment for Pakistan’s rapidly evolving consumer financing space.

Qist Bazaar, licenced by the Securities and Exchange Commission of Pakistan (SECP) as a non-bank financial company (NBFC), provides instalment-based payment solutions to the country’s unbanked and underbanked segments. In its three years of operations, the platform has disbursed over 55,000 product-based loans amounting to $12 million, enabling Pakistanis from all walks of life to purchase essential goods such as mobile phones and home appliances through monthly payments.

Co-founder and CEO at Qist Bazaar Arif Lakhani shared, “At Qist Bazaar, we are committed to bringing the fundamental needs of Pakistanis within their reach. Home essentials like ceiling fans and water dispensers are necessities, not luxuries, yet many cannot afford them. With the support of our investors, we offer flexible payment plans, making these essential items more accessible to everyone.”