India’s neobank Fintech Kaleidofin has acquired $10 million in capital via a Series B round that was led by the Michael & Susan Dell Foundation.
The capital injection has now taken the total funding secured by Kaleidofin to $18 million. Existing institutional investors, Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also joined the investment round.
Serving the underbanked Indian market, Kaleidofin provides goal-based savings accounts and payment service, machine learning-enabled credit checks for consumer loans and a platform for lending and debt capital markets use-cases. The company reports more than 1 million active transacting customers across India.
Kaleidofin co-founder Puneet Gupta stated:
“We look forward to scaling up the Kaleidocredit business line and drive deep loan product innovation focused 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”
As covered in December 2019, Chennai-headquartered digital bank Kaleidofin had secured Rs 36 Crore (appr. $5 million) in a Series A funding round, which was led by impact investment firm Oikocredit. Existing investors Flourish, Omidyar Network India, Blume Ventures and Bharat Inclusion Seed Fund also took part in Kaleidofin’s round.
The company aims to assist the underbanked by helping them access modern financial products. Kaleidofin has partnered with financial institutions, mutual funds and insurance firms in order to serve the underbanked and unbanked population. The company uses the latest technology to customize its products and services by examining relevant data on demographic profiles, income sources, and asset ownership.
In June 2020, Kaleidofin had introduced a payments platform, called KaleidoPay, which lets non-bank financial company (NBFC) clients make digital payments. KaleidoPay digitizes payments, including customers’ savings contributions and insurance premiums.
In a separate announcement, muvin, India’s youth focused neobank, has acquired $3 million via pre-Series A funding round. Muvin’s management explains that they enable parents to open an account for their kids with an accompanying virtual wallet and contactless payment card.
The firm’s recent round – led by WaterBridge Ventures alongside Alteria Capital and Krishna Bhupal – brings muvin’s total funding to $4 million. The Fintech company acquired $1 million in seed funding back in April of 2021 from a network of Fintech-focused business angels.