Kiwi, a credit card platform has raised $6 million in pre-seed funding from Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors.
It has also announced the launch of its all-in-one “Credit on UPI,” solution for customers. Certified by the NPCI, Kiwi will help customers experience “Credit on UPI” by issuing Rupay Cards in partnership with banks, said the company.
With this launch, Kiwi aims to create one of the largest direct-to-consumer (D2C) models in the credit market through its cutting-edge mobile application, which offers users the ability to make payments using either a credit card or bank account directly through their phones in a secure manner.
Kiwi has been co-founded by Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank & PayU), and Anup Agrawal (ex-business head, LazyPay).
Siddharth Mehta, co-founder, of Kiwi, said, “UPI has become the most inclusive mode of payment in India, with over 30 crore unique users and 5 crore merchants onboarded on the platform. With the launch of the Kiwi app, for the first time in India, users can now leverage the power of a (RuPay) credit card with the convenience and ease of UPI. Our vision is to enable access to credit on UPI for 1 million users over the next 18 months.”
Kiwi users will be issued a RuPay credit card, digitally and instantly. Post receiving the card, users will be able to link the card to UPI on the Kiwi app and will be able to use the “Credit on UPI” transactions facility at offline as well as online stores. The Kiwi app will also help users manage their cards with a host of facilities like blocking cards, increasing limits, and making card payments while rewarding them for every transaction, said the company.