[Funding alert] Kaleidofin closes $5M in second close of $15M Series B round
Fintech startuphas announced a second close of $5 million to its $15 million Series B equity round led by Michael and Susan Dell Foundation.
The round also saw the participation of Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, angel investors, and existing investors. The latest fund raise 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,” she added.
The startup said the proceeds of this round will be used to strengthen tailored credit solutions for informal sector customers.
The company had introduced KiScoreTM, 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.
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 increase access and usage of formal digital financial services for customers in the informal sector in a way that can have a transformational impact on their lives.
Kaleidofin’s key product lines include 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 aimed at non smart phone users who currently cannot make payments using UPI.
Across product lines, Kaleidofin claims to be having over 1.2 million active transacting customers in India. It has created a localised and accessible footprint across 230 districts and 14 states in semi urban and rural India.