Kaleidofin raises $10M led by Michael & Susan Dell Foundation

Kaleidofin, a Chennai-based neo bank announced that it has raised $10 million in a Series B round led by the Michael & Susan Dell Foundation. 

The fresh infusion of capital takes the total funding raised by Kaleidofin so far to $18 million. The round also saw participation from existing institutional investors Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures, and Bharat Fund.

Kaleidofin has also appointed Natasha Jethanandani, CTO, and Vipul Sekhsaria, Chief Networks Officer, both founding team members, as Co-founders to support the next phase of growth.

Vipul has built last-mile networks that enable Kaleidofin to reach out to customers and has been responsible for driving business growth across product lines. Natasha has built out Kaleidofin’s technology team and capabilities and brought a strategic focus to the firm’s product development roadmap. 

Sucharita Mukherjee and Puneet Gupta, Founders of Kaleidofin, said, “We look forward to scaling up the Kaleidocredit business line and driving 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.”

The startup offers simple, well-designed financial solutions to address the needs of more than 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.

“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,” said Geeta Goel, Country Director, Michael and Susan Dell Foundation India.

Kaleidofin’s key product lines are KaleidoGoals, a goal-based savings solution; KiScore, a supervised machine learning-based automated credit health check for informal sector customers; KaleidoCredit, 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 localized and accessible footprint across 230 districts and 14 states in semi-urban and rural India.

Kaleidofin seems to have impacted the lives of several Indians with its innovative offerings. I believe the company will soon emerge as a leading player in the market. My best wishes to the team of Kaleidofin.

Shishir Gupta, Founder and CEO, StartupLanes

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