Bank Alfalah strengthens Qist Bazaar by providing Rs55m in equity

KARACHI: Bank Alfalah has reinforced its commitment to financial inclusion by increasing its investment in Qist Bazaar, Pakistan’s rapidly growing buy-now-pay-later (BNPL) platform catering to essential purchases of people with minimal and easy installments, a statement said.

As part of the latest funding round, Bank Alfalah has invested an additional Rs55 million as part of Qist Bazaar’s Series A raise of around Rs800 million, further solidifying its confidence in Qist Bazaar’s vision and exponential growth. Qist Bazaar has seen remarkable expansion, now operating 40 branches across seven cities, primarily serving Pakistan’s unbanked and underbanked populations.

In addition to its equity investment, Bank Alfalah has provided Qist Bazaar with Rs460 million in debt lines. Functioning like a pre-approved credit facility, this arrangement allows the start-up to draw funds as needed. This financial support is designed to strengthen Qist Bazaar’s ongoing expansion and growth objectives, further amplifying its impact on the market.

Atif Bajwa, president and CEO of Bank Alfalah, commented, “By investing an additional Rs55 million in Qist Bazaar and extending Rs460 million in credit facility, we are fuelling the growth of a dynamic startup and paving the way for innovative payment solutions. These initiatives empower citizens with easy instalment options, making financial services more accessible. By working with startups like Qist Bazaar, we can drive a more inclusive and digitally empowered future for our country.”

“With over 75,000 Pakistanis benefiting from our collaboration, we are shifting gears to accelerate financial inclusion at an even greater scale. This investment is part of Series A led by Indus Valley Capital with Gobi Partners, coupled with the debt financing, marks another milestone in our investor’s commitment to fostering innovation and bridging the financial gap for underserved communities,” commented Arif Lakhani, CEO of Qist Bazaar.