Neobank Kaleidofin Raises $10 Mn in Its Series B Funding

Elevates two founding members as Co-founders

Kaleidofin is a neo-bank with a mission to propel customers towards their real-life goals by providing intuitive and tailored financial solutions. It 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

The firm announced today that it has raised $10 million in its 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 Series B round.

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.

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 customizable 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. Vipul has built out the last mile networks that enable Kaleidofin to reach out to the customer and has been responsible.

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