In a fresh round of fundraising spearheaded by the IDH Farmfit Fund, the fintech neobanking platform Kaleidofin has raised $5.3 million, or roughly Rs. 44.5 crore.
In September 2024, the Chennai-based business raised $13.8 million. The Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, Rabo Partnerships, and Flourish Ventures are its backers. To date, the company has raised $42 million.
According to a news statement from Kaleidofin, the new funding will be utilized to increase the size of its lending portfolio and to develop new partnerships for risk, middleware, and credit scoring services.
Kaleidofin, a fintech firm co-founded in 2017 by Sucharita Mukherjee and Puneet Gupta, is dedicated to democratizing finance and offering inclusive financial solutions to underbanked people and companies. It uses a "click and brick" strategy, integrating online and offline channels, and provides a technology platform that integrates investments, credit, and insurance, tailored to the needs of its clients. Through technology and a network of partners, the company wants to provide financial services that empower everyone.
Kaleidofin wants to provide customized financial solutions to 600 million Indians who lack access to banking. It has created a technological platform that lowers the cost of financial services, enabling clients with negligible savings to access them. The platform offers reliable, last-mile connectivity by fusing online solutions with a network of partners, including banks, MFIs, and NGOs.
To increase its reach and provide a greater range of financial services, Kaleidofin says it collaborates with a number of partners, such as banks, MFIs, NBFCs, and companies.
