KalPay, a leading provider of Shariah-compliant Buy Now, Pay Later (BNPL) services in Pakistan, has successfully closed an undisclosed early-stage funding round. This significant milestone comes on the heels of the company reaching profitability, demonstrating its strong financial performance and growth in the consumer lending sector.
The funding round was led by Orbit Startups, with participation from prominent investors including Super Capital VC,Bansea, Sabr Capital, and a group of angel investors. This investment underscores KalPay’s position as a pioneer in offering accessible and Islamic finance-compliant credit solutions to individuals across Pakistan.
KalPay’s Founder & CEO, Shershah Hassan, expressed gratitude to the investors and partners who have supported the company’s journey. “We are thrilled to have secured this funding, which will enable us to continue making a positive impact on thousands of Pakistani households,” he said.
KalPay’s innovative BNPL platform offers a range of products and services to empower customers. In addition to facilitating online shopping with partner merchants, KalPay Rasayi and KalPay Taleem expand their offerings to cover financing for essential goods, educational expenses, and travel.
Reflecting on KalPay’s journey, Shershah Hassan emphasized the company’s transformation from a concept to a profitable business. “This achievement is a testament to the dedication and hard work of our team,” he said. “We see immense potential for growth in the Pakistani market, and we are committed to leveraging our expertise to serve more customers.”
Hasan Mubarak, KalPay’s Chief Commercial Officer, highlighted the company’s ability to achieve profitability despite challenging market conditions. “We are witnessing a significant social and economic impact of our services on a daily basis,” he said. “This motivates us to expand our reach and serve underserved communities.”
KalPay’s collaborations with industry leaders like Foodpanda, Careem, Bank Alfalah, and prestigious educational institutions like LUMS and UCP further solidify their dedication to providing convenient BNPL services. These partnerships foster financial empowerment and inclusion.
As KalPay looks ahead, the company remains focused on expanding its product portfolio, strengthening partnerships, and driving positive change in Pakistan’s burgeoning fintech landscape.
