(Bloomberg) — Pakistan’s QisstPay is entering the U.S. by launching its online shopping tool that will be used by retailers, marking its expansion from South Asia to North America.
The buy-now, pay-later startup is expanding to the U.S. and regional markets by introducing its one-click checkout product, said Jordan Olivas, chief executive officer. QisstPay plans to increase its workforce by 200 to reach 350 by the end of the year to support its expansion, he said.
The company is looking to capitalize on a boom in e-commerce that accelerated during the pandemic, which drove shoppers online while many brick-and-mortar stores shuttered temporarily or even permanently in the U.S. Competitor Bolt Financial Inc. raised $355 million to double its valuation to $11 billion this year.
With the company’s checkout service, customers can make purchases with a single click, without filling out repetitive forms or recalling passwords. There is a higher conversion rate for retailers who offer such a service, said Olivas.
The move comes after U.S. citizen Olivas moved to Pakistan last year to start a buy-now, pay-later platform to emulate success at his former employer, Klarna. Pakistan, one of the world’s largest untapped markets, is seeing a startup funding surge with more than $350 million raised last year, greater than the amount raised in at least the past six years combined.
“The plan will bring hundreds of jobs to Pakistan and the goal is to become one of the first unicorns in Pakistan,” said Olivas by phone.
QisstPay has also opened an office in Bangladesh ahead of launching in the market.
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