Kaleidofin, a Chennai-based financial technology (fintech) platform that provides tailored financial solutions to those in the informal sector, today announced raising of $10 million in series B funding, led by the Michael & Susan Dell Foundation.
The current round takes the total funding raised by the neo-bank to $18 million till date. Existing institutional investors Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also participated in the round.
Founded in 2018 by Puneet Gupta and Sucharita Mukherjee, Kaleidofin’s primary focus is to increase access and usage of formal financial services for informal sector customers to create a transformational impact on their lives.
Its key product lines include goal-based savings solutions (KaleidoGoals), a credit health check tool for informal sector customers (KiScore), a credit platform service (KaleidoCredit) and suite payment solutions (KaleidoPay). The fintech has over one million active transacting customers across these product lines.
“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,” Kaleidofin founders Sucharita Mukherjee and Puneet Gupta, said in a statement.
“Access to customisable credit for nano-entrepreneurs can unleash a growth wave for enterprises and the economy, and also enable some to graduate to small and medium enterprises. Kaleidofin can play a key role in this movement, based on its on-the-ground partnerships and the scientific process for risk assessment and pricing,” Geeta Goel, Country Director, Michael & Susan Dell Foundation India, said.
The neobank also named two founding members, Natasha Jethanandani (CTO) and Vipul Sekhsaria (Chief Networks Officer), as co-founders.