Credit card platform Kiwi has raised $6 million in a pre-seed funding round from Nexus Venture Partners, Stellaris Venture Partners, and other angel investors.
Co-founded by Siddharth Mehta, Mohit Bedi, and Anup Agarwal, Kiwi has launched its all-in-one Credit on UPI solution for customers, certified by the NPCI. The app will help customers experience Credit on UPI by issuing Rupay cards in partnership with banks. It will also offer users the ability to make payments using either a credit card or bank account directly through their phones in a secure manner.
With the launch of Kiwi app, users can now leverage the power of a (RuPay) credit card with the convenience and ease of UPI, its vision is to enable access to credit on UPI for 1 million users over the next 18 months.
According to Kiwi, its users will be issued a RuPay credit card, digitally and instantly. Post receiving the card, users will be able to link the card on UPI on the Kiwi app and will be able to use the credit facility at offline as well as online stores. The Kiwi app will also help users manage their cards with a host of facilities like blocking cards, increasing limits, and making card payments while rewarding them for every transaction.
The Mumbai-based company aims to disrupt the credit card industry by becoming the leading issuer of RuPay Credit Cards by 2026. It has offices across Delhi and Bengaluru and has total staff strength of 20.