Bank Alfalah strengthens Qist Bazaar with Rs55m equity investment

KARACHI: Bank Alfalah has reinforced its commitment to financial inclusion by increasing its investment in Qist Bazaar- a buy-now-pay-later (BNPL) platform catering to essential purchases of people with minimal and easy instalments.

As part of the latest funding round, Bank Alfalah has invested an additional Rs 55 million as part of Qist Bazaar’s Series A raise of around Rs 800 million, further solidifying its confidence in Qist Bazaar’s vision and exponential growth.

In addition to its equity investment, Bank Alfalah has 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.

Atif Bajwa, President and CEO of Bank Alfalah has said that by investing an additional Rs 55 million in Qist Bazaar and extending Rs 460 million in credit facility, Bank Alfalah is fueling the growth of a dynamic startup and paving the way for innovative payment solutions. 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.

Arif Lakhani, CEO of Qist Bazaar said that with over 75,000 Pakistanis benefiting from our collaboration, we are shifting gears to accelerate financial inclusion at an even greater scale.“

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