Pakistani BNPL Firm QisstPay Expands to US

QisstPay, a buy now pay later (BNPL) startup founded in Pakistan, is entering the U.S. with an online shopping tool for retailers.

As Bloomberg News reported Monday (Feb. 7), QisstPay CEO Jordan Olivas said the company is introducing its one-click checkout product in an effort to expand to North American markets and plans to increase its workforce from 150 to 350 by year’s end.

“The plan will bring hundreds of jobs to Pakistan and the goal is to become one of the first unicorns in Pakistan,” Olivas, a veteran of the BNPL firm Klarna, told Bloomberg.

QisstPay wants to capitalize on the explosion in eCommerce stemming from the pandemic, which sent many shoppers online as physical stores closed up shop, in some cases for good.

Last year, the company raised $15 million in pre-seed and seed funding rounds. QisstPay has also recently opened an office in Bangladesh.

Read more: Pakistan’s QisstPay Notches $15M to Grow BNPL Platform

Qisst’s checkout service lets customers purchase items with a single click without needing to fill out multiple forms or remember passwords. Olivas said retailers who offer this type of service enjoy higher conversation rates.

See also: The Power And Perils Of Bringing BNPL To Pakistan

In an interview with PYMNTS last year, Olivas said that while Pakistan’s eCommerce market saw a major growth spurt in the last two years, its residents still lack easy access to credit.

“The problem in Pakistan today is that there aren’t a lot of ways to get formal credit,” Olivas told PYMNTS’ Karen Webster. “So this is something very specific. We are not offering lines of credit. We’re not issuing loans. What we are doing is factoring invoices, in a sense. We’re essentially buying the invoice from the merchant and extending a partial net 30 to the consumer.”