Neobank Kaleidofin raises $10 million in series B round of funding

Kaleidofin, a neobank, announced on Wednesday that it has raised $10 million in its series B funding round, led by the Michael & Susan Dell Foundation. This takes the total funding raised by Kaleidofin till date to $18 million. Existing institutional investors, Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also participated in the Series B round.

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. Across product lines, Kaleidofin has over one 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.

Sucharita Mukherjee and Puneet Gupta, founders of Kaleidofin said, “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''

“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.’ added Geeta Goel, country director, Michael & Susan Dell Foundation India.

To support the next phase of exponential growth, Kaleidofin has appointed Natasha Jethanandani, CTO and Vipul Sekhsaria, chief networks officer, both founding team members, as co-founders. Sekhsaria has built out the last mile networks that enable Kaleidofin to reach out to the customer and has been responsible for driving business growth across product lines. Jethanandani has built out Kaleidofin’s technology team and capabilities and brought a strategic focus to the firm’s product development roadmap.