Chennai, India-based financial services provider platform Kaleidofin raised USD 5 million in the second tranche of Series B funding. The round took place on May 3, 2022. Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, as well as the angel and the existing investors, led the funding for Kaleidofin.
Meanwhile, the total funds raised by the platform now stand at USD 23 million.
Purpose of Funding for Kaleidofin
Kaleidofin will further use the proceeds from the current round to strengthen its credit solutions for the informal economy.
The company launched KiScoreTM, a supervised machine learning-based automated credit health check, for informal sector customers in 2020. It was used to underwrite over USD 830 million ( INR 6,300 crore) in credit. The credit business will build upon the KiScore model and offer credit as a platform service for lending to its customers.
Earlier, in January, the firm raised USD 10 million in its series B funding. Michael & Susan Dell Foundation led the funding back then for the fintech platform.
What the founder has to say
Sucharita Mukherjee, co-founder and CEO of Kaleidofin, 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.”
She further added, “The new funds will be used to strengthen all our product lines further, but will specifically help us launch and scale our KaleidoCredit business aimed at offering customised credit products for individuals and nano and micro SME customers.”
About Kaleidofin
Sucharita Mukherjee and Puneet Gupta started Kaleidofin in 2017. It aims to offer simple, well-designed financial solutions to address the needs of over 600 million underbanked customers engaged in the informal economy.
The primary focus of Kaleidofin’s product lines is to dramatically increase access to digital financial services for customers in the informal sector space. With its products, fintech startups want to have a transformational impact on their lives.
Currently, Kaleidofin has more than 1.2 million active transacting customers across India. It has created a localised as well as accessible footprint spread across 230 districts and 14 states in semi-urban and rural India.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check, well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover as well as what information you are looking for, in the comments section below or through our contact form!
We look forward to your feedback, and thank you for stopping by!
Next Article
