According to Bloomberg’s report, Islamabad-based startup QisstPay is expanding its business from South Asia to North America as its online shopping tool will now be used by US retailers.
QisstPay is Pakistan’s first startup that works on a Buy Now, Pay Later (BNPL) model founded by Jordan Olivas.
The company will also be hiring at least 150 people to increase their existing workforce of 200 to 350 by the end of this year to support this expansion, said by Jordan Olivas co-founder and CEO of QisstPay.
It is bringing its one-click checkout product to the US and regional markets without filling in tedious documents or remembering passwords that usually leads to a higher conversion rates for retailers.
QisstPay is trying to take advantage of the e-commerce boom that has been exacerbated by the pandemic, as it attracts more online shoppers and many brick-and-mortar stores in the U.S. close forever.
The startup’s CEO opined that the company’s move into the US market “will bring hundreds of jobs to Pakistan and the goal is to become one of the first unicorns in Pakistan.”
It’s worth noting that Bolt Financial Inc., a potential competitor of QisstPay, raised $355 million in 2021 to lift its valuation to $11 billion.
Customers in the United States used their platform to execute purchases using a single-click checkout option, avoiding the need to fill out lengthy forms or remember passwords. According to Olivas, using such a service results in a substantially higher conversion rate.
Last year, the company raised $15 million in pre-seed and seed funding rounds. The prospective expansion of QisstPay into the United States comes after a particularly fruitful year for Pakistan’s startup scene. Pakistan, which is known throughout continents as one of the world’s largest untapped markets, has seen an enormous increase in startup funding, with over $350 million raised in 2021 alone, compared to the previous six years combined.
QisstPay, as its name implies, is the fastest-growing installment payment service for emerging markets, offering a great payment solution to online shoppers, merchants, and business partners while also expanding their customer base.