[Funding alert] Kaleidofin raises $10M led by Michael & Susan Dell Foundation

Chennai-based neo bank Kaleidofin has raised $10 million Series B funding 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 round.

Kaleidofin has also appointed Natasha Jethanandani, CTO, and Vipul Sekhsaria, Chief Networks Officer, both founding team members, as Co-founders to support the next phase of growth.

Vipul has built last mile networks that enable Kaleidofin to reach out to customers and has been responsible for driving business growth across product lines. Natasha has built out Kaleidofin’s technology team and capabilities and brought a strategic focus to the firm’s product development roadmap. 

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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.”

The startup offers simple, well-designed financial solutions to address the needs of over 600 million underbanked and unbanked Indians engaged in the informal economy. The primary focus of Kaleidofin’s product lines is to dramatically increase access and usage of formal financial services for informal sector customers in a way that can have a transformational impact on customers’ lives.

“’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," said Geeta Goel, Country Director, Michael and Susan Dell Foundation India.

Kaleidofin’s key product lines are KaleidoGoals, a goal-based savings solutions; 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.