Fintech firm Kaleidofin, on Tuesday 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 fundraise takes the total funding raised by Kaleidofin to date to $23 million.
Sucharita Mukherjee, Co-founder and CEO, 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. 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.”
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.
Across product lines, Kaleidofin has over 1.2 million active transacting customers across India. It has created a localised 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 KiScore, a supervised machine learning based automated credit health check for informal sector customers in 2020 that has been used to underwrite over Rs 6,300 crore ($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.