Lahore (Muhammad Yasir)
KalPay – the leading Shariah-aligned Buy Now Pay Later fintech service provider in Pakistan has closed an undisclosed early stage round as it hits profitability.
The early-stage investment round was led by Orbit startups and joined by institutional investors like Super Capital VC, Bansea, Sabr Capital, and renowned angel investors like Yaser Alghamdi amongst others. KalPay has strategically positioned itself as a pioneer in the consumer lending industry, offering accessible and shariah-aligned credit to people across Pakistan.
KalPay’s Founder & CEO, Mr. Shershah Hassan, commented “I want to extend a heartfelt thank you to our incredible investors and partners. Their belief in our vision is the cornerstone of our success. Because of their support, we have been able to impact thousands of individuals and households across Pakistan.”
KalPay empowers customers to access a wide range of products and services through its innovative Buy Now Pay Later (BNPL) service. In addition to facilitating online shopping with merchant partners, KalPay has diversified its offerings with the launch of KalPay Rasayi and KalPay Taleem. These verticals extend BNPL services beyond e-commerce, enabling customers to finance the purchase of productive assets such as smartphones, cover education-related expenses for skill development and academic pursuits, and also finance travel expenses for local and international trips on installments.
KalPay is proud to collaborate with esteemed industry leaders and partners such as Foodpanda, Careem, and Bank Alfalah, and renowned educational institutes like LUMS and UCP. These partnerships further strengthen KalPay’s commitment to providing convenient and accessible BNPL services to a wide range of customers, fostering financial empowerment and inclusion in collaboration with trusted and reputable organizations.
KalPay’s success is a testament to its innovative approach to BNPL services, catering to the diverse needs of consumers while upholding Islamic standards and financial transparency.
Speaking on KalPay’s journey, Mr. Shershah Hassan commented, “KalPay began as a simple idea in a classroom, and seeing it become profitable is a major achievement for us. Our focus on sustainable growth is paying off, and it’s exciting to see the industry take notice. A huge shout out to my dedicated team for their unwavering support through thick and thin. But this is just the beginning. The potential is enormous, and there’s still much more to do.”
Mr. Hasan Mubarak, Chief Commercial Officer at KalPay added, “It is a great achievement for KalPay to hit profitability in these challenging times. On a daily basis, Team KalPay experiences the great social and economic impact our services are having on the lives of our customers. Achieving this milestone is only going to encourage us further to expand our reach and serve the underserved with more zeal and passion.”
Moving forward, KalPay is focused on further enhancing its product offerings, strengthening partnerships, and continuing to drive a positive impact in the financial technology landscape of Pakistan.
