Kaleidofin, a Fintech firm from India, has finalized a second close to its $15 million Series B equity round.
The company’s latest investment round has been led by the Michael and Susan Dell Foundation.
The recent round takes the total funding secured by Kaleidofin to $23 million.
The round is the close of an additional $5 million to its $15 million Series B equity round.
The fundraise includes contributions from the Bill & Melinda Gates Foundation’s Seattle-headquartered Strategic Investment Fund, angel investors, as well as existing investors.
The raise now takes the total funding secured by Kaleidofin to around $23 million.
Sucharita Mukherjee, Co-founder and CEO, Kaleidofin, remarked:
“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.”
Mukherjee added:
“The new funds will be used to further strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business aimed at offer customised credit products for individuals and nano and micro SME customers,” she added. ALSO READ India now has 100 unicorns. What does it mean for valuations in the startup ecosystem? The startup said the proceeds of this round will be used to strengthen tailored credit solutions for informal sector customers.”
Mukherjee also mentioned that the company had “introduced KiScoreTM, a supervised machine learning based automated credit health check for informal sector customers in 2020 that has been used to underwrite over Rs 6,300 crore ($830 million) in credit.”
Mukherjee further noted that the credit business “will build upon the KiScore model and will offer credit as a platform service for lending to individuals.”
As covered in January 2022, India’s neobank Fintech Kaleidofin had acquired $10 million in capital via a Series B round that was led by the Michael & Susan Dell Foundation.
The capital injection had taken (at that time) the total funding secured by Kaleidofin to $18 million. Existing institutional investors, Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also joined the investment round.
Serving the underbanked Indian market, Kaleidofin provides goal-based savings accounts and payment service, machine learning-enabled credit checks for consumer loans and a platform for lending and debt capital markets use-cases. The company reports more than 1 million active transacting customers across India.