Islamabad, Feb 13: Bank Alfalah has significantly bolstered its commitment to financial inclusion by increasing its investment in Qist Bazaar, Pakistan’s rapidly growing buy-now-pay-later (BNPL) platform, with an additional PKR 55 million in the company’s Series A funding round. This increase comes as part of a broader PKR 800 million raise for Qist Bazaar, reflecting the bank’s strong confidence in the platform’s vision and future growth potential.
Qist Bazaar has experienced impressive growth since its inception, now operating 40 branches across seven cities. The platform has primarily focused on serving Pakistan’s unbanked and underbanked populations, offering affordable, installment-based payment solutions for essential products. This initiative has enabled thousands of individuals and small businesses to access items they would otherwise not be able to afford.
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In addition to its equity investment, Bank Alfalah has provided a substantial PKR 460 million in debt lines to Qist Bazaar. The credit facility, which functions as a pre-approved line of credit, allows the startup to access funds as needed, further supporting its expansion and long-term growth goals.
Atif Bajwa, President and CEO of Bank Alfalah, emphasized the bank’s dedication to digital transformation and financial inclusion. He stated, “By investing an additional PKR 55 million in Qist Bazaar and extending PKR 460 million in credit facilities, we are fueling the growth of a dynamic startup and paving the way for innovative payment solutions. These initiatives empower citizens with easy installment options, making financial services more accessible.”
Qist Bazaar’s CEO, Arif Lakhani, also highlighted the importance of the partnership, noting that the collaboration with Bank Alfalah has enabled over 75,000 Pakistanis to benefit from the platform’s services. He emphasized that this investment and the accompanying debt financing would significantly accelerate the company’s mission to broaden financial inclusion in Pakistan, which is vital for underserved communities.
As the fintech ecosystem in Pakistan continues to evolve, the partnership between Bank Alfalah and Qist Bazaar is poised to drive greater financial accessibility and empower more individuals and businesses to engage in the country’s growing digital economy.
