Chennai-based neobank startup Kaleidofin has raised Rs 36 crore in Series A funding, led by impact investment firm Oikocredit, along with participation from existing investors Flourish, Omidyar Network India, Blume Ventures and Bharat Inclusion Seed Fund, among others.
The startup helps the under-banked gain access to financial products, for which it partners with banks, mutual funds and insurance companies. It uses technology to customise products by looking at data on demographic profiles, income sources, asset ownership, among others.
“At Kaleidofin, we have reimagined the way financial services are designed and accessed by the lower income groups. Our solutions take into account the financial roadblocks and vulnerability that these segments face, such as volatile income streams and limited understanding of the fine print in financial products,” said Sucharita Mukherjee, cofounder and CEO of Kaleidofin.
The startup claims it has 50,000 customers spread across 10 states in India and works with nearly 30 network partners, including microfinance institutions, corporates, and non-governmental organisations. The investment also marks Oikocredit’s first equity investment in the Indian fintech sector.
Kaleidofin was one of the finalists for the Social Enterprise category in The Economic Times Startup Awards 2019 edition.
“India is witnessing a transformational change in the way financial services are available and accessed, especially in the underbanked sector. We want to promote and be part of the responsible offering of savings and insurance products to the low-income segments of the population,” said Anirudh Sarda, Equity Officer at Oikocredit.
I have found that this site is very informative, interesting and very well written. keep up the nice high quality writing Crowdfunding for Startups
ReplyDelete