Kaleidofin Raises 2nd tranche of $15 Million Series B Equity Funding
Fintech company Kaleidofin announced on Tuesday the second closing of a $15 million Series B equity round led by the Michael and Susan Dell Foundation. The round also included the participation of Seattle-based Bill & Melinda Gates Foundation's Strategic Investment Fund along with Angel Investors and Existing Investors.
Sucharita Mukherjee and Puneet Gupta established Kaleidofin in 2017 with the goal of providing a simple and well-designed financial solution to meet the needs of more than 600 million underbanked customers in the informal economy.
The proceeds from this round will be used to enhance customized lending solutions for clients in the informal sector. The company launched KiScore in 2020. It is a supervised machine learning-based automated credit health check for clients in the informal sector, with a credit of Rs 63 crore.
The main focus of Kaleidofin’s product line is to dramatically increase access and consumption of formal digital financial services for customers in the informal sector in ways that can transform the lives of their customers.
Kaleidofin has more than 1.2 million active transacting customers across India on all product lines. It has established a localized and accessible presence in 230 suburban and 14 states in semi-urban and rural India.
Kaleidofin aims to be the first financial services app on these customers' phones as more customers move to digital access to financial services.