QisstPay, Pakistan’s first buy now, pay later (BNPL) platform, will soon launch an online buying facility for US shops, Bloomberg reported.
According to QisstPay CEO Jordan Olivas, the business will hire 200 workers this year to expand its services to the US and regional markets. QisstPay hopes to capitalize on the e-commerce boom that grew as big-name retailers and brick-and-mortar stores either went online or fought to stay open during the pandemic.
Our entry into the US market will create hundreds of employment in Pakistan, and our ambition is to become one of Pakistan’s first unicorns, according to our CEO.
Bolt Financial Inc., a potential QisstPay competitor, raised $355 million in 2021 to bring its valuation to $11 billion. Customers in the US could complete purchases with a single click, eliminating the need to fill out onerous forms or remember passwords. Using such a service, Olivas claims, increases conversion rates.
QisstPay’s possible US expansion comes after a landmark year for Pakistan’s startup industry. Known globally as one of the world’s largest untapped markets, Pakistan has seen an unprecedented spike in startup funding, earning nearly $350 million in 2021 alone.