Kiwi, a Mumbai-based fintech company, is gearing up to raise $23 million in a Series B funding round, led by Vertex Ventures and joined by existing investors Stellaris Venture Partners and Nexus Venture Partners.
Sources close to the deal, along with regulatory filings, say this round values Kiwi at over $100 million. This comes after their $13 million Series A in November 2023, when the company was valued at $65 million.
Key Highlights
- Kiwi Fintech Raises $23M Series B to Expand UPI Credit Payments in India
- UPI Credit Startup Kiwi Valued at $100M After Fresh Funding Led by Vertex Ventures
Launched in 2022 by Anup Agrawal, a former Freecharge executive, along with Satyam Kumar and Siddharth Mehta, Kiwi is making waves by letting users link virtual RuPay credit cards to UPI apps like Google Pay and PhonePe. By partnering with Axis Bank and the National Payments Corporation of India (NPCI), Kiwi offers a fresh take on credit cards, competing with companies like Slice, OneCard, and Uni.
Kiwi stands out as one of the first to provide a complete credit-on-UPI solution, tapping into a trend sparked by the Reserve Bank of India and NPCI in 2022 to boost credit use in digital payments. This has caught the attention of banks and fintechs alike, and Kiwi is riding the wave of this growing demand.
The new funding will likely help Kiwi improve its tech and reach more users as UPI credit payments become more popular. According to reports, as of the Series A, founders Agrawal, Mehta, and Mohit Bedi each own about 16.2% of the company, with Nexus Venture Partners as the biggest external investor.
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This investment shows how much faith investors have in fintechs that make credit easier to use in digital payments. As India’s digital economy keeps growing, Kiwi’s creative approach could change how people access and use credit for everyday purchases, making it a company to keep an eye on.
