Kaleidofin Private Limited, India’s first neo-bank for the informal sector customer, has raised Rs 360 million in series A funding round led by Oikocredit. Existing investors include Flourish, and Omidyar Network India . The company was founded by Sucharita Mukherjee and Puneet Gupta in 2017.
It is understood that the company will utilize these funds in business expansion and strengthening its technology.
In a statement, Sucharita Mukherjee, CEO and Co-founder, Kaleidofin, said, “At Kaleidofin, we have re-imagined the way financial services are designed and accessed by the lower income groups. Our solutions take into account the financial roadblocks and vulnerability that these segments, such as volatile income streams and limited understanding of the fine print in financial products.”
Kaleidofin provides curated, goal-based financial solutions to customers in the underbanked segments using proven financial planning and wealth management principles. Kaleidofin has over 50,000 customers spread across 10 states in India. It has nearly 30 network partners which include MFIs, corporates, and NGOs.
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