Kaleidofin raises funding from Bill & Melinda Gates Foundation
CHENNAI: Chennai-based fintech Kaleidofin on Tuesday said it has achieved the second close of its $15 million Series B equity round led by the Michael and Susan Dell Foundation. The second close saw participation of Bill & Melinda Gates Foundation’s Strategic Investment Fund, some angel investors and other existing investors.
With this, Kaleidofin, which designs and offers financial solutions to underbanked customers in the informal economy, has raised around $23 million to date. Started in 2017 by Sucharita Mukherjee and Puneet Gupta, the company aims at increasing access and usage of formal digital financial services for informal sector customers.
Kaleidofin’s key products are goal-based savings solutions KaleidoGoals, KaleidoPay, a suite of inclusive payment solutions aimed at non-smartphone users, and KiScore, a machine learning based automated credit health check for informal sector customers, which has been used to underwrite over Rs 6,300 crore in credit. It also recently launched KaleidoCredit, the credit business, which will build upon the KiScore model and offer credit as a platform service for lending to individuals.
The proceeds of the funding round will be used to strengthen tailored credit solutions for the informal sector and the company is also looking to ramp up its tech and data science capabilities, Mukherjee 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,” she added. Across product lines, Kaleidofin has over 1.2 million active transacting customers across India. It has a footprint across 230 districts and 14 states in semi urban and rural India.