Buy-now, pay-later enterprise, QisstPay, has raised $15 million in an early-stage funding round.
MSA Capital led the round, while Global Founders Capital, Fox Ventures, and First Check Ventures participated.
The e-commerce startup intends to expand to Sri Lanka and Bangladesh in the next six months, reported Bloomberg.
Co-Founder and Chief Executive Officer, Jordan Olivas, is a US citizen who used to work at buy-now, pay-later company, Klarna. He moved to Pakistan and founded QisstPay as a means to target a population that is largely not served by financial technology services.
“We want to be in all the places where people think it’s a tough place to start a business,” Olivas said in an interview with Bloomberg News.
QisstPay allows users to buy products on easy installments through its buy-now, pay-later service.
Since its inception in April, QisstPay has conducted two funding rounds before this, with investors, including the founders of Scalapay, Simone Mancini and Johnny Mitrevski, and United Bank Limited.
“We have so far signed with 100 brands in Pakistan, and the number will grow more in future,” said Olivas in an earlier statement.
“Pakistan is one of the most often overlooked countries when it comes to fintech investments,” said Tim Chen at MSA Capital. “However, it’s also one of the countries with the most potential.”
In recent months, Pakistani startups have succeeded in securing record-breaking funding.
E-commerce startup, Airlift, announced that it had raised $85 million in Series B financing, the largest in the MENA region, while Bazaar earned $30 million in Series A funding.
Similarly, fintech startup TAG Innovation Pvt. Limited raised more than $12 million in Pakistan’s largest seed funding round.
Meanwhile, the online trucking marketplace BridgeLinx brought in $10 million in seed financing, and EdTech startup Maqsad raised $2.1 million in pre-seed funding.