The current round brings the total amount raised by Kaleidofin to US$23 million
The current round brings the total amount raised by Kaleidofin to US$23 million
Kaleidofin, a fintech company, has raised $5 million in its second tranche of Series B funding from the Seattle-based Bill & Melinda Gates Foundation Strategic Investment Fund, angel investors and existing investors. In January, the company raised $10 million in its Series B funding led by the Michael & Susan Dell Foundation. The current round brings the total amount raised by Kaleidofin to US$23 million.
The Chennai-based company will use the proceeds from this round to strengthen customized lending solutions for informal sector clients. In 2020, the company launched KiScoreTM, a supervised, machine learning-based automated credit score for customers in the informal sector, underwriting over £6,300 million ($830 million) in loans.
Sucharita Mukherjee, Co-Founder and CEO of Kaleidofin, said: “We are delighted to partner with investors known for their strong focus on informal sector clients and innovations that support financial health. The partnership aims to provide underserved communities with a broad range of financial services, with a particular focus on low-income women at scale.” She added, “The new funds will be used to further strengthen all of our product lines, but they In particular, they will help us launch and scale our KaleidoCredit business, which aims to provide customized lending products for individual, nano and micro SME customers.”
Sucharita Mukherjee and Puneet Gupta founded Kaleidofin in 2017 to provide simple, well-designed financial solutions to meet the needs of over 600 million underbanked customers operating in the informal economy. The primary focus of Kaleidofin’s product lines is to dramatically improve access to digital financial services for informal sector clients in ways that can have a transformative impact on their lives. Kaleidofin has over 1.2 million active transactional customers across India. It has established a localized and accessible presence in 230 districts and 14 states in semi-urban and rural India.
