KARACHI: Qist Bazaar, the country’s only buy-now-pay-later online platform for the unbanked, announced on Monday that it had secured $3.2 million in Series A funding led by Indus Valley Capital.

Moreover, the deal saw participation from Gobi Partners, a prominent Asia-focused venture capital firm with $1.6 billion in assets under management.

Qist Bazaar, licenced by the Securities and Exchange Commission of Pakistan as a non-bank financial company, provides installment-based payment solutions to unbanked and underbanked segments.

According to a press, the platform had disbursed over 55,000 product-based loans amounting to $12 million in just three years.

Co-founder and CEO Arif Lakhani said, “At Qist Bazaar, we are committed to bringing the fundamental needs of Pakistanis within their reach. Home essentials like ceiling fans and water dispensers are necessities, not luxuries, yet many cannot afford them. With the support of our investors, we offer flexible payment plans, making these essential items more accessible to everyone.”

Published in Dawn, September 24th, 2024