Kiwi, a platform for credit cards, has raised $6 million in a pre-seed round of funding from angel investors and Nexus Venture Partners, and Stellaris Venture Partners.
Siddharth Mehta, Mohit Bedi, and Anup Agarwal co-founded Kiwi, which has introduced its comprehensive Credit on UPI solution for customers and has been approved by the NPCI. Customers using the app will be able to use Credit on UPI thanks to the issuance of Rupay cards in collaboration with banks. Additionally, it will enable users to securely make payments through their phones using a credit card or bank account.
With the release of the Kiwi app, users can now combine the strength of a (RuPay) credit card with the practicality and simplicity of UPI. Its goal is to give 1 million users access to credit on UPI over the course of the next 18 months.
Users of Kiwi will allegedly receive an instantaneous digital RuPay credit card. After receiving the card, users can link it to UPI on the Kiwi app and use the credit facility at both offline and online retailers. With a variety of tools like blocking cards, raising limits, and making card payments while rewarding users for each transaction, the Kiwi app will also assist users in managing their cards.
By dominating the RuPay Credit Card market by 2026, the Mumbai-based company hopes to upend the credit card sector. It employs a total of 20 people and has offices in Delhi and Bengaluru.