QisstPay, a BNPL startup in Pakistan co-founded by a former Klarna executive, has raised $15M across its seed & pre-seed rounds with a mix of equity and debt.
MSA Capital led the round, with institutional investment participation from Global Founders Capital; Fox Ventures, First Check Ventures; and a series of strategic angel investments from Simone Mancini and Johnny Mitrevski, co-founders of Scalapay; Ashley Davies, former CFO of Venmo and current Sylp CFO; Adam Mawdesley, VP of partnerships & product at Splitit; and United Bank Limited of Pakistan.
Co-founder and CEO Jordan Olivas is a former Klarna employee who supported the launch of the company's Pay In 4 service, who moved to Pakistan earlier this year.
"After moving here to Pakistan, I noticed how badly the people of this country need a financial tool to help them purchase goods and services that they not only want, but actually need," says Olivas. "Over 60% of Pakistan's population is under the age of 30, which means that the majority of the country is adopting new technologies. Yet, so many people still believe that Pakistan isn't ready to adopt a BNPL system. The rapid growth and use of a platform like QisstPay proves otherwise."
He says the company is currently experiencing a 92% growth rate week to week, with installations at over 500 retailers in Pakistan, including the likes of Samsung, Camelbak, Diesel, Philips, Xiaomi, and Lenovo
The funding from this round will go towards forming partnerships with financial institutions and expanding the service to Sri Lanka and Bangladesh. By the end of this year, the firm intends to expand it Islamabad-based team to over 100 people.