Kaleidofin Raises $10 Million In Series B Funding The platform offers simple, well-designed, financial solutions to address the needs of 600 million Indians engaged in the informal economy
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Kaleidofin, a neo-bank with a mission to propel customers towards their real-life goals by providing intuitive and tailored financial solutions, has raised $10 million in its Series B funding, led by the Michael & Susan Dell Foundation.
It offers simple, well-designed, financial solutions to address the needs of over 600 million underbanked and unbanked Indians engaged in the informal economy. The primary focus of Kaleidofin's product lines is to dramatically increase access and usage of formal financial services for informal sector customers in a way that can have a transformational impact on customers' lives.
"We look forward to scaling up the Kaleidocredit business line and drive deep loan product innovation focused on the informal customer and nano business. To this end, we will deepen our investments in developing our technology, risk management and data science capabilities," said Sucharita Mukherjee and Puneet Gupta, founders of Kaleidofin in a joint statement.
"Access to customizable credit for nano-entrepreneurs can unleash a growth wave for enterprises and the economy, and also enable some to graduate to small and medium enterprises. Kaleidofin can play a key role in this movement based on its on-the-ground partnerships and the scientific process for risk assessment and pricing," said Geeta Goel, country director, Michael and Susan Dell Foundation India.
Kaleidofin's key product lines are: KaleidoGoals, a goal-based savings solutions, KiScore, a supervised machine learning-based automated credit health check for informal sector customers, KaleidoCredit, a credit as a platform service for lending and debt capital markets use cases and KaleidoPay, a suite of inclusive payment solutions. Across product lines, Kaleidofin has over one million active transacting customers across India. It has created a localized and accessible footprint across 230 districts and 14 states in semi urban and rural India, added the statement.
