Kiwi Secures $6 Million in Pre-Seed Funding Round Led by Nexus and Stellaris for Its Credit Card Platform

• ByStartupStory     |    May 3, 2023

Kiwi, a credit card platform, has secured $6 million in pre-Seed funding from Nexus Venture Partners, Stellaris Venture Partners, and angel investors. The startup has unveiled “Credit on UPI,” an all-in-one solution that enables users to make payments via credit card or bank account directly from their mobile devices. Kiwi aims to establish one of the most significant direct-to-consumer models in the credit sector with this launch.

According to a press release, Siddharth Mehta, co-founder of Kiwi, stated that with over 30 crore distinct users and 5 crore merchants on the platform, UPI has become India’s most inclusive payment mode. For the first time in India, Kiwi’s app enables users to combine the power of a RuPay credit card with the convenience and simplicity of UPI. Mehta’s vision is to provide credit access to 1 million users through UPI within the next 18 months.

Kiwi, founded in November 2022 by experienced fintech and banking professionals Siddharth Mehta, Mohit Bedi, and Anup Agrawal, has gained approval from the RBI to connect RuPay Credit Cards to the Unified Payments Interface (UPI).

Through the Kiwi app, users can easily obtain a virtual RuPay credit card, which will be connected to UPI, and transact on all merchant QR codes using their credit card. The company will collaborate with major banks to issue these credit cards. Additionally, the app offers other services such as UPI on Savings and P2P transfers from Savings Accounts.

Praveena Rai, COO of NPCI, has stated that Kiwi will be a game-changer in India’s credit card industry and a significant untapped market. With monthly UPI P2M transactions amounting to around Rs 3.2 lakh crore, nearly 2.5 times larger than monthly credit card spends, Kiwi is poised to benefit.

 Kiwi’s all-in-one Credit on UPI solution offers the advantages of both credit cards and UPI, including convenience, rewards, and a flexible repayment experience of credit cards combined with the universal acceptance of UPI. Nexus Venture Partners’ Managing Director, Anup Gupta, said the firm is excited to partner with Kiwi to expedite credit card adoption in India.

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