Chennai-based Kaleidofin Pvt. Ltd, which operates an eponymous neobanking platform, has raised $15 million as a part of its Series B funding round, led by Michael & Susan Dell Foundation.
The round also included participation from Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund and other angel and existing investors.
Founded in 2018, the Chennai-based fintech company focused on the informal sector, offers products like KaleidoGoals - a goal-based savings solution; KiScore - a supervised machine learning-based automated credit health checking platform for informal sectors; KaleidoCredit - a credit as a platform service for lending and debt capital market use cases and KaleidoPay - a suite of inclusive payment solutions.
Kaleidofin claims to have over 1 million active transacting customers across India. The company said that it has created a localised and accessible footprint across 230 districts and 14 states in semi-urban and rural India.
The company is backed by institutional investors such as Oikocredit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund. To date, Kaleidofin has raised $23 million in funding.
“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,” said Sucharita , Co-founder and CEO, Kaleidofin.
Mukherjee added, “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 offering customized credit products for individuals and nano and micro-SME customers.”
In January, Kaleidofin raised $10 million in a round led by the Michael & Susan Dell Foundation. The company had raised about $5 million as a part of its Series A funding round in December 2019 from Flourish Ventures and Omidyar Network India.
Kaleidofin’s investment marks the second Indian fintech bet for Michael & Susan Dell foundation this week. Earlier on Wednesday, micro, small and medium enterprise-focused fintech platform, Arthan Finance said it raised $2.5 million in an equity funding round led by the foundation.
