LAHORE: Pakistan’s buy now pay later platform (BNPL) QisstPay Wednesdat claimed that they had raised $15 million across seed and pre-seed rounds with a mix of equity and debt.
The funding for QisstPay comes during a flurry of foreign investors leading funding rounds for Pakistan’s startups. QisstPay’s funding round was led by China’s MSA Capital, with institutional investment participation from Global Founders Capital, Fox Ventures, First Check Ventures.
Strategic angel investors who participated in the round include Scalapay co-founders Simone Mancini and Johnny Mitrevski, who recently raised a $155 million Series-A round at a $700 million valuation; former Venmo CFO and current Sylp CFO Ashley Davies, former C-suite at Affirm; and Adam Mawdesley, vice president of partnerships and product at Splitit.
The round also included participation from Pakistan’s United Bank Limited.
QisstPay is an installment payment service for emerging markets which plans to address the lack of flexibility, integration, and the hidden fees currently plaguing Pakistan’s payments landscape by giving customers an efficient, adaptable, interest free platform.
The idea is not new to Pakistani consumers who are able to get installment plans from some traders. Except that such plans come with an interest charged, making the product eventually expensive for the consumer.
QisstPay on the other hand charges the merchant it onboards for these services, who get better sales because of instalment plans....
Read Full Story: https://profit.pakistantoday.com.pk/2021/09/29/qisstpay-announces-raising-15mn-for-its-tech-enabled-bnpl-service/
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