Pakistans’ BNPL service provider, Qist Bazaar has closed its Series A funding round with $3.2 Million, thanks to which it will be able to offer buy-now-pay-later (BNPL) services for the unbanked population of Pakistan. Find out how this platform is revolutionizing consumer finance.
Introduction:
Qist Bazaar, Pakistan’s sole BNPL platform for the financially excluded, has closed its Series A at $3.2M. Indus Valley Capital will provide the funding for improving the availability of basic goods to low and middle-class families.
Funding Details:
The latest funding included notable investors; Gobi Partners being a venture capital firm with an asset value of 1.6 billion. This capital shall extend the working capacity of Qist Bazaar and improve its services to the underbanked population.
Meeting Essential Needs:
Permitting and regulation of Qist Bazaar is done by the Securities and Exchange Commission of Pakistan as an NBFC, a non-bank financial company. One of the features provided in the platform is an Installment-based payment solution, which makes necessities such as ceiling fans, water dispensers, and smartphones easily available to people.
Lakhani, the co-founder, and CEO also reiterated their focus on the most basic needs of Pakistanis, as he noted: “These are home essentials, not luxuries.”
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Impact on Households:
In three years of operation, Qist Bazaar has provided more than 55,000 loans in products worth $12 million. By providing affordable monthly payments for basic items, this funding has greatly improved the living standards and productivity of many homes. By offering different payment plans, Qist Bazaar increases users’ earning capabilities.
Sharia-compliant Financing:
When incorporated into consumer businesses, Qist Bazaar’s financial services operate fully within the guidelines of Sharia laws to meet consumer needs. This approach also enlarges the scope of coverage for Pakistan’s unbanked population, who may have been willing to deal with the mainstream financial system.
Vision for the Future:
Indus Valley Capital believes Qist Bazaar can reshape Pakistan’s consumer financing market, just as Bajaj Finance transformed India’s. People eagerly embrace new opportunities to uplift millions by providing essential financial services to those traditionally excluded from bank credit.
Conclusion:
Qist Bazaar’s latest funding allows it to develop synergistic financial products for the financially excluded community in Pakistan. By offering necessities and flexible prices for payment, Qist Bazaar is not only proposing a model of constructive consumer credit but also trying to improve the standard of living of millions of homes in the country.
