Fintech startup Kiwi has raised $13 million in a Series-A funding round with Omidyar Network India taking the lead. Existing investors Nexus Venture Partners and Stellaris Venture Partners also participated in this round. The funds will empower Kiwi to expand its ‘credit cards on UPI’ offerings across India.
Founded in November 2022 by former Freecharge CEO Siddharth Mehta, along with Mohit Bedi and Anup Agrawal, Kiwi became the first fintech to introduce ‘credit cards with UPI,’ issuing digital RuPay Cards in collaboration with banks. As a certified UPI third-party app (TPAP) by NPCI, Kiwi had previously secured $6 million in funding.
Currently, Kiwi has issued 25,000 credit cards and aims to onboard 500,000 customers by the end of 2024. With partnerships in place, including Axis Bank, the startup plans to collaborate with two more large banks in the coming six months. Kiwi emphasized the significant potential of ‘Credit on UPI,’ given the substantial user base and expansive acceptance points compared to traditional credit cards.
Anup Agrawal, Co-founder and CEO of Kiwi, expressed excitement about entering the next phase of product development and growth with the raised funds. Treasa Mathew, Director at Omidyar Network India, highlighted the transformative potential of Kiwi’s solutions in advancing financial inclusion for India’s Next Half Billion.
That’s incredible news! Kiwi is making waves in the fintech industry. They have recently secured an impressive ₹13 crore in funding and are becoming a major player in the tech world. Sending my best wishes to the Kiwi team!
~ Dr Shishir Gupta founder & CEO of StartupLanes
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