Virtual credit card platform Kiwi, a Mumbai-based startup, has successfully completed a Series A funding round on $13m.
The round was spearheaded by Omidyar Network India and saw contributions from earlier investors Nexus Venture Partners and Stellaris Venture Partners, according to a report from entrackr.. This marks Kiwi’s second major funding event in 2023, following a $6m maiden funding round led by Nexus and Stellaris in May.
Kiwi specialises in providing innovative financial solutions, primarily through its virtual credit card platform. The company was founded by Siddharth Mehta, Mohit Bedi, and Anup Agarwal.
Although Kiwi has not publicly disclosed its valuation, entrackr cites sources close to the matter that suggests it had a post-Series A valuation between $70-80m.
The firm has ambitious plans for the fresh capital. Kiwi intends to introduce new products over the next year, including no-cost equated monthly instalments (EMI) on UPI and a credit line on UPI, sanctioned by the National Payments Corporation of India (NPCI). The company has already forged a partnership with Axis Bank and is looking to collaborate with two more major banks within the next six months.
Kiwi’s all-in-one credit solution, facilitates credit access via Rupay cards issued in partnership with banks. The app offers features like card blocking, limit increases, and payments, rewarding users for every transaction.
Since its inception, Kiwi claims to have issued 25,000 virtual credit cards, with an average monthly spend of about Rs 22,000 per user. Siddharth Mehta, highlighting the firm’s growth, shared that users are currently engaging in 17-18 transactions per month.
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