Former Klarna Employee Builds Pakistan’s First BNPL

QisstPay Raises $15M, cementing itself as the fastest growing emerging markets BNPL player from Pakistan.


Pakistan’s First BNPL


QisstPay, Pakistan’s first and fastest growing buy now pay later platform (BNPL), today announced that they have raised $15M across its seed & pre-seed rounds with a mix of equity and debt. MSA Capital led the round, with institutional investment participation from Global Founders Capital; Fox Ventures, First Check Ventures; and a series of strategic angel investments from Simone Mancini and Johnny Mitrevski, Co-Founders of Scalapay, who recently raised a $155M Series A round at a $700M valuation; Ashley Davies, former CFO of Venmo and current Sylp CFO; former C Suite at Affirm; Adam Mawdesley, VP of Partnerships & Product at Splitit; and United Bank Limited of Pakistan.




QisstPay is an instalment payment service for emerging markets. They are addressing the lack of flexibility, integration, and the hidden fees currently plaguing Pakistan’s payments landscape by giving customers an efficient, adaptable, interest free platform. When chosen at checkout, QisstPay allows customers to pay for their purchase in instalments with 0% interest and no late fees.


QisstPay allows Pakistanis to pay for everyday necessities, effectively building better cash management in what is otherwise considered a very cash-driven society. The majority of people in Pakistan don’t have the financial background to get approved for credit cards and therefore rely on QisstPay to help them manage their day to day expenses. QisstPay helps address this by letting people buy the things they actually need like phone service and food, and pay for it over time.


Former Klarna Employee


Co-Founder and CEO Jordan Olivas is a former Klarna employee who was critical in the launch of the company’s Pay In 4 solution, one of the world’s biggest BNPL platforms. After moving to Pakistan in 2021, he noticed the lack of working financial services plaguing the fifth largest population in the world. He decided to build a platform with his co-founder, Saad Ahmed, that took the globally successful blueprint of BNPL, and altered it to fit the needs of Pakistani citizens.


“After moving here to Pakistan, I noticed how badly the people of this country need a financial tool to help them purchase goods and services that they not only want, but actually need,” says Olivas. “Over 60% of Pakistan’s population is under the age of 30, which means that the majority of the country is adopting new technologies. Yet, so many people still believe that Pakistan isn’t ready to adopt a BNPL system. The rapid growth and use of a platform like QisstPay proves otherwise.”


Rapid Growth


QisstPay is growing rapidly and has seen a 92% growth rate week to week. Currently, they serve over 500 retailers in Pakistan, including the likes of Samsung, Camelbak, Diesel, Philips, Xiaomi, and Lenovo and regional leaders such as Sapphire, Uniworth, Logo Shoes, and the largest Shopify store in the country, elo.


“Export leftovers has recently seen another high of hitting the fastest spike of 85% on average order value ever since we have started to offer Qisstpay BNPL to our customers,” says Umar Qamar Co-Founder of Elo, the largest shopify Ecommerce brand in Pakistan.


The funding from this round will go towards the expansion of QisstPay’s services and team. This includes the funding of transactions and partnerships with traditional Pakistani financial institutions. They are also expanding their services to include Sri Lanka and Bangladesh. By the end of this year, they are looking to expand their Islamabad-based team to over 100 people.


“Pakistan is one of the most often overlooked countries when it comes to fintech investments,” says Tim Chen, General Partner at MSA Capital. “However, it’s also one of the countries with the most potential. We’re excited to be working with QisstPay to help bring one of the biggest global populations some much-needed financial services and tools. We’re not only investing in the company and its founders, we’re investing in their impact.”