In a fresh round of funding led by the IDH Farmfit Fund, the fintech neobanking platform Kaleidofin has raised $5.3 million, or roughly Rs 44.5 crore.
In September 2024, the Chennai-based startup raised $13.8 million. The Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, Rabo Partnerships, and Flourish Ventures are its backers. To date, the company has raised $42 million.
According to a press release from Kaleidofin, the new funding will be utilized to increase the size of its lending portfolio and to develop new partnerships for risk, middleware, and credit scoring services.
Sucharita Mukherjee and Puneet Gupta co-founded Kaleidofin, a fintech company that aims to democratize finance and offer inclusive financial solutions to underbanked people and businesses, in 2017. Using a “click and brick” strategy that integrates online and offline channels, it provides a technology platform that combines investments, credit, and insurance customized to its clients’ needs. The company wants to use technology and a network of partners to provide financial services that empower everyone.
With customized financial solutions, Kaleidofin hopes to reach 600 million Indians who lack access to banking. Customers with very little savings can now access financial services thanks to a tech platform it has developed that lowers the cost of doing so.
The platform offers reliable, last-mile connectivity by fusing online solutions with a network of partners, including banks, MFIs, and NGOs.
To increase its reach and provide a greater range of financial services, Kaleidofin says it collaborates with a number of partners, such as banks, MFIs, NBFCs, and corporations. It provides goal-based financial solutions for various life stages by utilizing suitability engines and sophisticated machine learning.
