Title: KalPay Secures Undisclosed Early-Stage Funding Round as It Achieves Profitability Milestone
Lahore, Pakistan — May 14, 2024 — KalPay, the leading Shariah-aligned Buy Now Pay Later (BNPL) fintech service provider in Pakistan, announced today the successful closure of an undisclosed early-stage investment round. The milestone comes as KalPay reaches profitability, solidifying its position as a pioneer in the consumer lending industry within Pakistan.
The early-stage funding was led by Orbit Startups and saw participation from notable institutional investors including ⚡ SUPER CAPITAL ⚡ VC, BANSEA, Sabr Capital, alongside renowned angel investors such as Yaser Saeed Alghamdi. This infusion of capital reflects investor confidence in KalPay’s innovative approach and its mission to provide accessible and Shariah-compliant credit solutions to individuals across the country.
Mr. Shershah Hassan, Founder & CEO of KalPay, expressed gratitude towards investors and partners, emphasizing their integral role in KalPay’s journey. He stated, “Their belief in our vision has been fundamental to our success. With their support, we have been able to positively impact thousands of individuals and households across Pakistan.”
KalPay has differentiated itself by offering a diverse range of BNPL services beyond traditional e-commerce transactions. Through its subsidiaries, KalPay Rasayi and KalPay Taleem, the company enables customers to finance the purchase of productive assets such as smartphones and cover education-related expenses for skill development and academic pursuits. This expansion aligns with KalPay’s commitment to financial empowerment and inclusion.
The company’s strategic collaborations with industry leaders such as foodpanda, Careem, and Bank Alfalah Limited, as well as partnerships with educational institutes including Lahore University of Management Sciences and University Of Central Punjab, further underscore its dedication to providing convenient and accessible BNPL services.
Commenting on KalPay’s journey, Mr. Shershah Hassan reflected on the company’s humble beginnings and its significant achievement of profitability. He acknowledged the dedication of his team and expressed optimism about KalPay’s future prospects, stating, “The potential is enormous, and there’s still much more to do.”
Mr. Hasan Mubarak, Chief Commercial Officer at KalPay, highlighted the company’s commitment to driving positive social and economic impact. He remarked, “Achieving profitability amidst challenges motivates us to expand our reach and serve the underserved with renewed zeal and passion.”
Looking ahead, KalPay remains focused on enhancing its product offerings, strengthening partnerships, and furthering its impact in the financial technology landscape of Pakistan.
About KalPay:
Established in 2021, KalPay is the largest Shariah-aligned BNPL fintech startup headquartered in Lahore, Pakistan. Committed to fostering financial empowerment and inclusion, KalPay offers Shariah-compliant credit solutions to underbanked communities across Pakistan. Through its innovative BNPL services, KalPay enables customers to make purchases and spread payments over equal monthly installments, free from interest or hidden fees. Visit KalPay’s official website for more information.
