Karachi-based fintech Qist Bazaar has raised $3.2 million in a Series A round led by Pakistan-focused VC Indus Valley Capital, and joined by Asian investor Gobi Partners. The firm previously raised money from Bank Alfalah, a leading Pakistani commercial bank.
Founded in 2021 by Arif Lakhani, Qist Bazaar is a buy now pay later (BNPL) platform that allows users to purchase electronics, mobile phones, home appliances, and even motorbikes, on installments. Unlike other BNPL services globally or in the Middle East, Qist Bazaar focuses on serving the unbanked and underbanked majority.
The platform offers these products through its website or showrooms across different cities in Pakistan. Qist Bazaar is licensed by the Securities and Exchange Commission of Pakistan (SECP) as an NBFC (Non-banking Financial Company) and has disbursed over 55,000 product loans amounting to $12 million, in three years.
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