Fintech startup Kaleidofin raises $10 Mn in Series B

Kaleidofin, a neobanking platform, has raised $10 million in its Series B round led by the Michael & Susan Dell Foundation. Oikocredit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund have also participated in the funding round.

The latest fundraise takes the total amount raised by the company to $18 million.

The Chennai-based startup will use the fresh capital in developing technology, risk management and data science capabilities.

Founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin offers products such as KaleidoGoals, a goal-based savings solution, KiScore, a supervised machine learning-based automated credit health checking platform for informal sectors, KaleidoCredit, a credit as a platform service for lending and debt capital markets use cases and KaleidoPay, a suite of inclusive payment solutions.

Kaleidofin claims to have over one million active transacting customers across India. The company said that it has created a localised and accessible footprint across 230 districts and 14 states in semi-urban and rural India.

 Previously, the company had raised about $5 million as a part of its Series A funding round in December 2019 from Flourish Ventures and Omidyar Network India.