Indian neobank Kaleidofin has concluded the second tranche of its $15m Series B equity round that was led by the Michael and Susan Dell Foundation.
The round also included participation from the Bill & Melinda Gates Foundation’s Strategic Investment Fund as well as angel investors and existing investors. Earlier this year, Kaleidofin raked in $10m from the first part of the Series B.
Founded in 2017, Kaleidofin is a FinTech company that aims to help underbanked customers meet their financial goals by providing tailored financial solutions.
The company offers goal-based savings accounts and payment service, machine learning-based credit checks for consumer loans and a platform for lending and debt capital markets use cases. The business claims it has over one million active customers across India currently.
According to Kaleidofin, the proceeds of the round will be used to strengthen tailored credit services for customers using the firm’s KiScore platform that has so far been used to underwrite over $830m in loans.
Kaleidofin CEO and co-founder Sucharita Mukherjee said, “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 customers.”
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