KalPay

Positioned within Pakistan's burgeoning fintech landscape, KalPay operates as a Shariah-aligned financial solutions provider, addressing a significant market gap in a country with low credit card penetration. The company was founded in 2020 by Shershah Hassan and Waleed Amjad Islam, who were featured in the Forbes “30 under 30 Asia” list in 2023 for their work in the Finance and Venture Capital category. The idea for KalPay originated in 2020 as part of Hassan's final year project, with the goal of easing financing problems for the unbanked population.

KalPay's core offering is a Buy Now, Pay Later (BNPL) service that allows consumers to purchase items from partner e-commerce merchants and pay for them in three equal monthly installments. This service is structured to be Shariah-compliant, meaning there is 0% interest and no hidden fees, a key selling point in the predominantly Muslim market. The business model involves partnerships with hundreds of online merchants across various product categories. Customers can use debit/credit cards, mobile wallets like Easypaisa or Jazzcash, and bank transfers to make their payments. The process is designed for convenience, with approvals often happening within 24 to 48 hours after a verification call.

The company has expanded its services beyond generic e-commerce into specialized verticals to cater to specific needs. 'KalPay Taleem' offers financing for educational and skill development fees, partnering with institutions like LUMS and UCP. Another vertical, 'KalPay Rasayi', provides installment plans for productive assets such as smartphones, MacBooks, e-bikes, and other consumer electronics. This strategic focus aims to empower individuals by financing items that can generate income. KalPay serves all Pakistani nationals with a valid ID, smartphone, and verifiable contact information, targeting the large underbanked segment of the population. The company has achieved profitability and successfully closed an early-stage funding round of over $1 million in May 2024, led by Orbit Startups, with participation from investors like Super Capital VC, Bansea, and Sabr Capital.

Keywords: Buy Now Pay Later, BNPL, Shariah-compliant financing, consumer financing, Pakistan fintech, e-commerce payments, installment plans, financial inclusion, digital lending, education financing, asset financing, mobile payments, point-of-sale financing, Lahore startup, interest-free credit, fintech solutions, productive assets, skill development financing, online shopping installments, Shariah-aligned credit