Neobanking platform Kaleidofin closes $15M Series B funding round

Chennai-based Kaleidofin, a fintech startup that offers financial services to under-served customers engaged in the informal economy, today announced the closure of its Series B funding round at $15 million, led by Michael and Susan Dell Foundation. 

The round included the participation of the Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, angel investors, and existing investors. The latest $5 million funding brings its all-time raise to $23 million.

Founded in 2017 by industry veteran Puneet Gupta and Sucharita Mukherjee, Both of them are the founding members of IFMR Group, a Chennai-based financial services company. Kaleidofin says it offers financial solutions that address the needs of underbanked customers engaged in the informal economy.

“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 Mukherjee, Co-founder & CEO of Kaleidofin.

She further said the raised funding will be used to strengthen its credit solutions for the informal economy, especially to launch and scale up its KaleidoCredit business.

The fintech startup claims to have over 1.2 million active transacting customers across the country. It has created a localized and accessible footprint across 230 districts and 14 states in semi-urban and rural India, it said.

Kaleidofin’s key product lines include KaleidoGoals offers a goal-based savings solution; 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; KaleidoPay, a payment solution for customers to make digital as well as recurring payments.

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