KARACHI: Qist Bazaar, the only buy-now-pay-later online marketplace for the unbanked in the nation, revealed on Monday that it has raised $3.2 million in Series A funding, with Indus Valley Capital serving as the lead investor.
Additionally, Gobi Partners, a well-known venture capital firm with an emphasis on Asia and $1.6 billion in assets under management, participated in the purchase.
Installment-based payment solutions for underbanked and unbanked populations are offered by Qist Bazaar, a non-bank financial enterprise licensed by the Securities and Exchange Commission of Pakistan.
In just three years, the platform has disbursed over 55,000 product-based loans totaling $12 million, according to a press release.
“At Qist Bazaar, we are committed to bringing the fundamental needs of Pakistanis within their reach,” stated Arif Lakhani, co-founder and CEO. Even though many people cannot afford them, home basics like water dispensers and ceiling fans are necessities rather than luxury items. We provide flexible payment plans with the backing of our investors, thereby increasing accessibility to these necessary things for everyone.
