Recently, a Pakistani buy-now, pay later startup called QisstPay has successfully raised $15 million in early-stage funding, therefore, going ahead of the South Asia region including Sri Lanka and Bangladesh in terms of expansion.
QisstPay Intends to Expand to South Asian Market with the Raised Funding
The raised funding round was directed by MSA Capital which included participation from Global Founders Capital, Fox Ventures, and First Check Ventures. The buy now, pay later startup intends to enter other South Asian markets within the next six months. Furthermore, the buy now, pay later startup QisstPay that serves major retailers such as Samsung and Xiaomi intends to have 1,000 sellers by the next month which would, later on, extend to a million customers by the next year using its service.
The Pakistani Buy now, Pay Later Startup Was Co-Founded by Jordan Olivas
QisstPay was co-founded by current CEO Jordan Olivas who moved to Pakistan after discovering that a large population had not been accelerated by technology. Jordan was a former employee at a firm called ‘Klarna’ which raised funds from SoftBank at a valuation of $45.6 billion in June. Recognizing the major success of Klarna, Jordan wanted to do the same for QisstPay.
Moreover, the startup’s investors comprise strategic angel investments from Simone Mancini and Johnny Mitrevski, founders of Scalapay, and Pakistan’s third-largest lender United Bank Ltd. Furthermore, as per Tim Chen, General Partner at MSA Capital, “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.”