Kaleidofin, a Chennai-based fintech platform that offers tailored financial solutions to the informal sector, today announced the second closure of its $15-million Series B equity round of funding, led by the Michael and Susan Dell Foundation.
In January, the fintech raised $10 million in the first close of the Series B round, taking the total fund raising since its inception to $18 million.
With the $5-million fund-raise in the second closure of the Series B round, the total funds mobilised by the fintech platform now stands at $23 million. The current round also saw the participation of the Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, angel investors and existing investors.
“We are delighted to have investors known for their deep focus on informal sector customers and innovation promoting financial health, as partners. The new funds will be used to strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business aimed at offering customised credit products to individuals and nano and micro SME customers," said Sucharita Mukherjee, Co-founder and CEO, Kaleidofin, in a press release.
Founded in 2017 by Puneet Gupta and Sucharita Mukherjee, Kaleidofin’s primary focus is to increase access and usage of formal financial services to over 600 million underbanked customers engaged in the informal economy.
Its product line includes KaleidoGoals (a goal-based savings solution), KaleidoCredit (automated credit health check for informal sector customers), and KaleidoPay (payment solutions for non-smartphone users). Kaleidofin has over 1.2 million active transacting customers spread across 230 districts and 14 states in semi-urban and rural India.