Bazaar Technologies has announced the acquisition of digital payments company Keenu in a landmark deal that aims to create Pakistan’s first fully integrated commerce-fintech platform. The transaction, for an undisclosed amount, marks a pivotal step for the country’s tech ecosystem by blending e-commerce with in-house payments infrastructure — a move expected to reshape how businesses and consumers interact across Pakistan’s digital economy.
“This is more than an acquisition — it’s a strategic alignment that redefines what it means to serve households and businesses in Pakistan,” remarked Saad Jangda, co-founder of Bazaar, in the official statement. Bazaar, launched in 2020, has rapidly grown into Pakistan’s best-funded startup with institutional backing exceeding $100 million from global investors like Dragoneer Investment Group, Tiger Global, and Indus Valley Capital. According to Bloomberg, the company is also on track to achieve profitability in the coming quarters.
The acquisition follows the Competition Commission of Pakistan’s approval four months ago, allowing Bazaar to acquire 100% shareholding in Wemsol (Private) Limited, the company behind Keenu. Founded in 2013, Keenu is among Pakistan’s most prominent home-grown digital payment solutions, processing over $1 billion in annual payments through its point-of-sale network that spans more than 150 cities and towns. The company is regulated by the State Bank of Pakistan (SBP) as a licensed Electronic Money Institution (EMI).
“This partnership marks a new chapter for Keenu’s mission,” said Keenu CEO Saad Niazi. “We’ve spent the last decade digitising payments infrastructure across Pakistan. By joining forces with Bazaar, we’re not only expanding our reach but also accelerating the transition toward a cashless, digital, and connected Pakistan. Our strengths are complementary, our visions aligned, and our commitment to impact stronger than ever.”
Bazaar’s strategic move to integrate payments directly into its commerce stack is the first of its kind by a major Pakistani e-commerce player. This mirrors successful global models such as Alibaba’s launch of Alipay, Flipkart’s acquisition of PhonePe in India, and Mercado Libre’s development of Mercado Pago in South America — all of which underline the importance of tightly linked commerce and payments ecosystems to drive seamless customer experiences.
The timing of this acquisition is especially significant. Pakistan’s digital transformation is gathering pace with over 190 million mobile connections, rising smartphone penetration, and a young, tech-savvy population. Despite these trends, the country still faces gaps in financial inclusion, making integrated solutions like the Bazaar-Keenu platform even more critical.
However, the move also comes against the backdrop of increasing operational costs for Pakistan’s e-commerce sector, as new taxes under the Finance Act 2025 have made logistics and delivery more expensive. In response to these concerns, a Bazaar spokesperson noted that while taxes are aimed at improving business documentation, “there are still many regulatory tailwinds that support the overall digitisation of commerce and payments in the country alongside rapidly shifting consumer behaviours.”
The acquisition has been formally approved by the SBP. Both Bazaar and Keenu will continue operating independently, leveraging their respective strengths while strategically aligning. This approach aligns with the SBP’s National Payment Strategy and Vision 2028, which aim to foster an inclusive financial ecosystem by encouraging innovation and expanding the role of non-bank entities in retail payments.
As Pakistan’s tech sector matures, the convergence of fintech and e-commerce reflected in this acquisition signals a new era for digital businesses and consumers alike, potentially setting the stage for more such integrations in the near future.
