Kaleidofin secures $15 million in Series B round led by the Michael and Susan Dell Foundation
- ByStartupStory | May 4, 2022
Neo-banking platform Kaleidofin Pvt. Ltd has raised $15 million in its Series B funding round, led by Michael & Susan Dell Foundation. The round also saw participation from Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund and other angel as well as existing investors.
Kaleidofin is a Chennai-based fintech founded in the year 2018 focused on the informal sector. The startup offers a wide range of products including KaleidoGoals – a goal-based savings solution; KaleidoCredit – credit as a platform service for lending and debt capital market use cases , KiScore – a supervised machine learning-based automated credit health checking platform for informal sectors and KaleidoPay – a suite of inclusive payment solutions.
It also claims to have more than 1 million active transacting customers across India. The startup notes that it has created a localised and accessible footprint across 230 districts and 14 states in the semi-urban and rural parts of India.
The aspiring fintech giant is backed by institutional investors such as Omidyar Network, Blume Ventures, Oikocredit, Flourish Ventures, and Bharat Fund. To date, the company has raised $23 million in funding.
Sucharita , Co-founder and CEO, Kaleidofin, commenting on the recent development said, “We are delighted to have investors known for their deep focus on informal sector customers and innovation promoting financial health, as partners. The partnership seeks to offer a broad range of financial services to underserved communities with a specific focus on low-income women customers at scale,”.
Talking about the utilization of the fresh funds, he added, “the new funds will be used to further strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business to offer customized credit products for individuals and nano and micro-SME customers.”
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