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Kaleidofin raises funding from Invoice & Melinda Gates Basis – Occasions of India

CHENNAI: Chennai-based fintech Kaleidofin on Tuesday mentioned it has achieved the second shut of its $15 million Sequence B fairness spherical led by the Michael and Susan Dell Foundation. The second shut noticed participation of Invoice & Melinda Gates Basis’s Strategic Investment Fund, some angel traders and different current traders.
With this, Kaleidofin, which designs and affords monetary options to underbanked prospects within the casual financial system, has raised round $23 million so far.
Began in 2017 by Sucharita Mukherjee and Puneet Gupta, the corporate goals at rising entry and utilization of formal digital monetary companies for casual sector prospects.
Kaleidofin’s key merchandise are goal-based financial savings options KaleidoGoals, KaleidoPay, a set of inclusive cost options aimed toward non-smartphone customers, and KiScore, a machine studying based mostly automated credit score well being examine for casual sector prospects, which has been used to underwrite over Rs 6,300 crore in credit score. It additionally not too long ago launched KaleidoCredit, the credit score enterprise, which is able to construct upon the KiScore mannequin and provide credit score as a platform service for lending to people.
The proceeds of the funding spherical shall be used to strengthen tailor-made credit score options for the casual sector and the corporate can also be seeking to ramp up its tech and information science capabilities, Mukherjee mentioned.
“We’re delighted to have traders recognized for his or her deep concentrate on casual sector prospects and innovation selling monetary well being, as companions. The partnership seeks to supply a broad vary of monetary companies to underserved communities with a selected concentrate on low-income ladies prospects at scale,” she added.
Throughout product strains, Kaleidofin has over 1.2 million energetic transacting prospects throughout India. It has a footprint throughout 230 districts and 14 states in semi city and rural India.



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