Get All Access for $5/mo

Kaleidofin Finalizes the Second Close to its $15 Million Series B Equity Round The current fund raise takes the total funding raised by Kaleidofin to date to $23 million

By S Shanthi

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company Handout

Kaleidofin, a fintech company, today announced a second close to its $15 million Series B equity round led by the Michael and Susan Dell Foundation. The round also included the participation of the Bill & Melinda Gates Foundation's Seattle-based Strategic Investment Fund, angel investors and existing investors. The current fund raise takes the total funding raised by Kaleidofin to date to $23 million.

Sucharita Mukherjee and Puneet Gupta started Kaleidofin in 2017, with the aim 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 and usage of formal digital financial services for informal sector customers in a way that can have a transformational impact on customers' lives. Kaleidofin seeks to be the first financial services app on the phones of these customers as more and more customers switch over to accessing financial services digitally.

Kaleidofin's key product lines are KaleidoGoals, a goal-based savings solution; KiScore, a supervised machine learning-based automated credit health check for informal sector customers; KaleidoCredit, a credit as a platform service for lending and debt capital markets use cases; and KaleidoPay, a suite of inclusive payment solutions aimed at non-smart phone users who currently cannot make payments using UPI. Across product lines, Kaleidofin has over 1.2 million active transacting customers across India. It has created a localized and accessible footprint across 230 districts and 14 states in semi-urban and rural India.

The proceeds of this round will be used to strengthen tailored credit solutions for informal sector customers. The Company had introduced KiScoreTM, a supervised machine learning-based automated credit health check for informal sector customers in 2020 that has been used to underwrite over $830 million in credit. The credit business will build upon the KiScore model and will offer credit as a platform service for lending to individuals.

"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. The new funds will be used to further strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business aimed at offer customised credit products for individuals and nano and micro SME customers," said Sucharita Mukherjee, co-founder and CEO, Kaleidofin.

S Shanthi

Former Senior Assistant Editor

Shanthi specializes in writing sector-specific trends, interviews and startup profiles. She has worked as a feature writer for over a decade in several print and digital media companies. 

 

News and Trends

K12 Techno Services Secures USD 40 Mn in Funding from Kenro Capital

The Bengaluru-based firm aims to expand aggressively, with plans to open 8–12 Orchids schools annually and onboard 100–150 schools under the Eduvate umbrella each year.

News and Trends

RapidCanvas Raises USD 16 Mn to Accelerate AI Innovation in Business Operations

The new capital will fuel the expansion of its innovative offerings and global reach.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Former Cleartrip CEO Ayyappan R Eyes Quick Commerce with FirstClub

After stepping down as Cleartrip's CEO earlier this year, Ayyappan brings his expertise from leading positions at Flipkart, including his role as chief business officer at Myntra.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Business Ideas

87 Service Business Ideas to Start Today

Get started in this growing industry, with options that range from IT consulting to childcare.