QissPay, a popular buy-now, pay-later startup based in Pakistan, has successfully raised $15 million in a recent early-stage investment round to fuel its expansion plans in South Asia, encompassing Sri Lanka and Bangladesh.
The funding was spearheaded by MSA Capital and saw contributions from Global Founders Capital, Fox Ventures, and First Check Ventures. The company has ambitions to venture into other South Asian markets over the next six months. Moreover, QissPay, which caters to prominent retailers like Samsung and Xiaomi, is on track to onboard 1,000 merchants in the coming month and aims to reach one million customers within the next year through its platform.
Jordan Olivas, the current CEO and co-founder of QissPay, relocated to Pakistan with a vision to leverage technology for the vast untapped population in the country. Drawing inspiration from the success story of ‘Klarna,’ a company that secured funding from SoftBank with a valuation of $45.6 billion in June, Jordan is striving to replicate that triumph with QissPay.
Noteworthy investors in the startup include strategic angel investments from Simone Mancini and Johnny Mitrevski, founders of Scalapay, as well as Pakistan’s third-largest lender, United Bank Ltd.
Tim Chen, the General Partner at MSA Capital, highlighted the immense potential of Pakistan in the fintech sector, stating, “Pakistan is one of the most often overlooked countries when it comes to fintech investments. However, it’s also one of the countries with the most potential.”
Image Source: Bloomberg
