Fintech Kiwi raises $24 mn Series B, aims profitability in two years

Credit-on-UPI fintech Kiwi has raised $24 million in Series B funding round, led by Vertex Ventures South East Asia & India.

 

The round also saw participation from Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network.

 

Kiwi had raised $13 million in a series A funding round in November 2023. With this round, the company has mopped up a total of $43 million. 

It is targeting profitability in two years, co-founder and chief executive officer (CEO) Anup Agrawal told Business Standard.

The fintech startup plans to issue one million credit cards in the next two years. 

It has partnered Yes Bank and AU Small Finance Bank to issue RuPay credit cards to users.

 

 

The company further plans to add two banking partners to issue cards during 2025-26 (FY26). 

“From the journey here on, the (capital) deployment will be primarily on two things. One is growth, and with it, improving the economics. In the next two years, we want to be close to profitability (or) achieve profitability…” he said. 

Agrawal added that the company plans to launch the creditline-on-UPI offering to its users in the next six months.

 

The company has issued 200,000 RuPay credit cards since its launch in 2023.

 

It records five million merchant transactions on a monthly basis across 600 cities. 

Agrawal added that the company would only focus on the credit-on-UPI business and not on growing the debit-UPI volumes.

 

“We aren’t chasing UPI volumes. The ~22 trillion which is getting spent via UPI, majority is through savings accounts. Around ~18,000 crore monthly spent is happening on UPI credit cards today. We’re focussing on that,” he added.