The total amount raised by Kaleidofin in the current round so far is $23M . leads to
The total amount raised by Kaleidofin in the current round so far is $23M . leads to
Fintech company Kaleidofin has raised $5 million in its second tranche of Series B funding from the Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, angel investors and existing investors. In January, the firm raised $10 million in its Series B funding, led by the Michael & Susan Dell Foundation. The total amount raised by Kaleidofin in the current round has so far reached $23 million.
The Chennai-headquartered firm will use the proceeds of this round to strengthen customized credit solutions for informal sector customers. The company introduced KiScoreTM, a supervised machine learning-based automated credit health checkup for informal sector customers in 2020, that has been used to underwrite over ₹6,300 crore ($830 million) in credit.
Sucharita Mukherjee, Co-Founder and CEO, Calidofin, said, “We are delighted to have investors known as partners for their deep focus on innovations that promote informal sector customers and financial health. The partnership is for low-income women. strives to provide a wide range of financial services to underserved communities with a specific focus on customers. He further added, “The new funds will be used to further strengthen all of our product lines, but notably will assist us in launching and scaling our Kaleido Credit business with the aim of offering customized credit products to individuals and nano and micro SME customers.”
Sucharita Mukherjee and Puneet Gupta started Kaleidofin in 2017 to offer simple, well-designed, financial solutions to meet the needs of over 600 million underbanked customers engaged in the informal economy. The primary focus of Calidofin’s product range is to dramatically increase access to digital financial services for informal sector customers, which can have a transformative impact on their lives. Kaleidofin has over 1.2 million active transactional customers across India. It has created a local and accessible footprint in 230 districts and 14 states in semi-urban and rural India.