Start-up QisstPay raises $15 million, eyes Sri Lanka and Bangladesh markets

Company wants to add 1,000 merchants, 1 million customers to its portfolio by 2022

QisstPay, a shop-now, pay later start-up based in Pakistan, has raised $15 million in funds as it plans to expand to other South Asian nations within the next six months.

MSA Capital led the round with participation from Global Founders Capital, Fox Ventures and First Check Ventures among others, reported Bloomberg.

The start-up, with its head office in Islamabad, wants to enter Sri Lankan and Bangladeshi markets, the publication reported.

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It added that QisstPay plans to have 1,000 more merchants in its portfolio by next month and a million customers by 2022. At present, it serves "retailers including the local units of Samsung Electronics Co. and Xiaomi Corp.".

The start-up was co-founded by former US citizen Jordan Olivas, a former employee of Klarna, a buy-now, pay-later pioneer. “We want to be in all the places where people think it’s a tough place to start a business,” Olivas said as reported by Bloomberg.

QisstPay’s investors include "strategic angel investments from Simone Mancini and Johnny Mitrevski, founders of Scalapay, and the United Bank Ltd". The startup has done two fund-raising rounds, including equity and debt, since starting in April, it reported.