The startup offers a credit facility platform that enables customers to make online purchases with the option to pay in three equal monthly installments. This service enhances financial inclusion by providing accessible credit options and user account management while ensuring data protection.
Funding
$1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many consumers in Pakistan lack access to formal credit, hindering their ability to purchase essential goods, services, and educational opportunities. Traditional financing options often involve high interest rates or are unavailable to the underbanked population, limiting their financial flexibility and economic advancement.
Solution
KalPay provides a Shariah-compliant buy now, pay later (BNPL) platform that enables customers to make purchases from partnered e-commerce merchants and pay in three equal, interest-free monthly installments. By integrating directly with online retailers, KalPay offers a seamless financing option at the point of sale, allowing users to acquire productive assets like smartphones, laptops, and educational courses without upfront costs or interest charges. The platform utilizes a proprietary risk assessment model to extend credit to a broader segment of the population, promoting financial inclusion and driving economic growth by facilitating access to essential goods and services. KalPay operates across multiple verticals, including e-commerce, education (KalPay Taleem), and productive assets (KalPay Rasayi), offering tailored BNPL solutions to meet diverse consumer needs.
Target Audience
KalPay primarily targets underbanked consumers in Pakistan who seek accessible and Shariah-compliant financing options for online purchases, productive assets, and educational expenses.
Features
- Shariah-compliant financing structure with 0% interest
- Integration with e-commerce platforms for seamless BNPL options at checkout
- Three-month installment plans with equal monthly payments
- Financing for productive assets, including smartphones and laptops
- Dedicated financing options for education and skill development (KalPay Taleem)
- Risk assessment model to extend credit to a broader customer base
- Multiple payment methods, including cards, e-wallets, and bank transfers
- Partnerships with industry leaders like Foodpanda and Careem