Fintech startup Kaleidofin raises $10 million in Series B round of funding
- ByTejika Bajaj | January 13, 2022
Chennai based fintech neobanking startup Kaleidofin has recently announced that it has raised a consolidated sum of $10 million in its Series B round of funding led by Michael and Susan Dell Foundation. The round also saw participation from existing investors including Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund.
In addition to raising the funds, the neobank startup has also announced the appointment of Natasha Jethanandani (CTO) and Vipul Sekhsaria (Chief Networking Officer) as the co-founders of the startup to support the subsequent journey of growth.
Expressing their views on the recent announcements, the co-founders of Kaleidofin, Sucharita Mukherjee and Puneet Gupta stated, “We look forward to surmounting up the Kaleidocredit business line and divulge deep loan product innovation focused primarily on the informal customer and nano business. To this end, we will deepen our investments in developing our technology, risk management, and data science capabilities.”
Kaleidofin offers simple, well designed financial solutions to the customers to resolve the unheard needs of the neglected and underbanked Indians in the informal economy. The startup majorly focuses on increasing the use of formal channels of transactions within the informal sector to increase transparency.
“Access to customisable credit for nano-entrepreneurs can unravel a growth wave for enterprises and the economy, and additionally enable a few to graduate to small and medium enterprises. Kaleidofin can play a key role in this movement based on its on-the-ground partnerships and the scientific process for risk assessment and pricing,” said Geeta Goel, Country Director, Michael and Susan Dell Foundation India.
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