Kaleidofin, a fintech firm, announced its second closing of a $15 million Series B equity round, headed by the Michael and Susan Dell Foundation. The Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund and angel investors, and current investors participated in the round. The recent capital raise brings Kaleidofin’s total funding raised to USD23 million.
The funds raised in this round will be utilised to improve personalised loan solutions for customers in the informal sector. In 2020, the company launched KiScoreTM, an automated credit health check based on supervised machine learning for informal sector consumers that has been utilised to underwrite over INR 6300 crores (USD 830 million) in loans. The credit business will be based on the KiScore model and will provide credit as a platform for individual lending.
“We are delighted to have investors known for their deep focus on informal sector customers and innovation promoting financial health, as partners. The partnership seeks to offer a broad range of financial services to underserved communities with a specific focus on low-income women customers at scale. The new funds will be used to further strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business aimed at offer customised credit products for individuals and nano and micro SME customersn,”Sucharita Mukherjee, co-founder and CEO of Kaleidofin
Sucharita Mukherjee and Puneet Gupta founded Kaleidofin in 2017 to provide accessible, well-designed financial solutions to the roughly 600 million unbanked customers in the informal economy.
The primary goal of Kaleidofin‘s product lines is to enhance informal sector clients’ access drastically and use formal digital financial services to have a transformative impact on their lives. As more customers transition to digital financial services, Kaleidofin aims to be the first financial services app on their phones.