Shariah-focused fintech KalPay closes early-stage round

May 14, 2024 (MLN): KalPay, one of the leading Shariah-aligned Buy Now Pay Later fintech service provider in Pakistan has closed an undisclosed early stage round as it hits profitability, said a press release issued on Tuesday.

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.

The company 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, 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,” he added.

Launched in 2021, KalPay has now become the largest Fintech solution provider in Pakistan, according to its website.

The company offer customers with convenient payment solutions for the purchase of productive assets like smartphones and skill development services.

Using KalPay, customers can buy products right away and pay in three equal monthly installments using cards, wallets, and bank transfers without any interest or extra charges.

While expanding in the e-commerce space, KalPay has also launched new verticals including KalPay Rasayi and KalPay Taleem, offering its BNPL services on the purchase of productive assets like smartphones and fee payments for education and skill development services.

KalPay intends to make easy, hassle-free, and Shariah-aligned credit accessible to the under-banked population across Pakistan.

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