KalPay

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Kal Technologies Private Limited

Type	Private
Industry	Financial technology
Founded	2021; 2 years ago (2021)
Founder	Shershah Hassan Waleed Amjad Islam
Area served	Pakistan
Website	kalpayfinancials.com

Kal Technologies Private Limited (abbreviated as KalPay) is a Pakistani financial technology company best known for its buy now, pay later (BNPL) service. It operates in Pakistan. KalPay was founded in 2021 by Shershah Hassan and Waleed Amjad Islam.^[1]

KalPay is Pakistan’s leading Shariah-Aligned consumer financing startup. It envisions being an enabler of education, income, and economic growth by bridging the financial gap that the country's underbanked population faces.^[2]

History[edit]

KalPay is a financial technology (fintech) company that commenced operations in 2021, operating as a prominent player in Pakistan's financial landscape. The company specializes in offering innovative payment solutions aimed at facilitating access to productive assets, such as smartphones, and skill development services, particularly targeting the underbanked segment of the population.^[3]

The platform's core mission revolves around empowering the underprivileged by emphasizing financial inclusion through a digitized lending approach. KalPay is notably recognized as the largest Shariah-compliant fintech service provider in Pakistan, marking its distinction in the country's fintech industry.^[2]

KalPay functions through strategic partnerships with a wide array of e-commerce merchants across various product categories, offering an innovative buy now, pay later (BNPL) service. This service allows customers to make instantaneous purchases and settle payments in three equal monthly installments using cards, e-wallets, or bank transfers, completely free of interest or additional charges.

Expanding beyond its initial focus on e-commerce, KalPay has extended its services to encompass additional verticals, including KalPay Rasayi^[4] and KalPay Taleem^[5]. These verticals cater to the acquisition of productive assets and finance educational or skill development services, contributing to the platform's wider societal impact.

One of KalPay's significant initiatives involves a collaboration with Taleem Finance Company Limited (TFCL). Through this partnership, KalPay facilitates flexible installment-based fee payment plans for students, addressing the pressing need for educational financing within Pakistan.^[6][7]

The co-founders of KalPay, Shershah Hassan and Waleed Amjad Islam, achieved notable recognition by being featured in the Forbes 30 under 30 Asia List 2023 under the Finance and Venture Capital category. Their inclusion in this prestigious list highlights their contributions to the fintech landscape and their impact on shaping the industry in Pakistan.^[8]

A pivotal development in KalPay's journey came through its strategic collaboration with Muawin.^[9] This partnership aims to redefine the e-commerce landscape in Pakistan by leveraging Muawin's lending capabilities, allowing KalPay to expand its BNPL offerings. The joint venture focuses on providing flexibility to both customers and merchants, offering easy payment solutions and empowering businesses through working capital financing.

References[edit]

External links[edit]

• Official website