Bank Alfalah has reinforced its commitment to financial inclusion by increasing its investment in Qist Bazaar, Pakistan’s buy-now-pay-later platform allowing purchases with minimal and easy instalments.
In the latest funding round, Bank Alfalah invested an additional Rs. 55 million as part of Qist Bazaar’s Series A raise of around Rs. 800 million, solidifying its confidence in Qist Bazaar’s vision and exponential growth. Since its launch, Qist Bazaar has seen remarkable expansion, and is currently operating 40 branches across seven cities with an emphasis on serving the unbanked and underbanked populations.
In addition to its equity investment, Bank Alfalah also provided Qist Bazaar with Rs. 460 million in debt lines. Functioning like a pre-approved credit facility, this arrangement allows the start-up to draw funds as needed and is designed to strengthen its ongoing expansion and growth objectives.
“By investing an additional Rs. 55 million in Qist Bazaar and extending Rs. 460 million in credit facility, we are fueling the growth of a dynamic startup and paving the way for innovative payment solutions,” said Bank Alfalah President and CEO Atif Bajwa. “These initiatives empower citizens with easy instalment options, making financial services more accessible. By working with startups like Qist Bazaar, we can drive a more inclusive and digitally empowered future for our country,” he added.
Qist Bazaar CEO Arif Lakhani said over 75,000 Pakistanis were already benefiting from his company’s collaboration with Bank Alfalah. “This investment, a part of Series A led by Indus Valley Capital with Gobi Partners, coupled with the debt financing, marks another milestone in our investor’s commitment to fostering innovation and bridging the financial gap for underserved communities,” he added.