Kiwi, one of India’s leading FinTech companies that is transforming the credit card landscape in India, has raised $13 million in a Series-A funding round led by Omidyar Network India.
In brief:
- Founded in November 2022, Kiwi is the first fintech company in India to launch “credit cards with UPI” by issuing digital RuPay Cards in collaboration with banks.
- Kiwi is on a mission to expand the current underserved credit-worthy customers in India. Kiwi believes that leveraging credit as a key attraction will drive customer acquisition, particularly with the vast user base of nearly 300 million UPI users, out of which only 40 million are deemed credit-worthy by banks based on traditional underwriting criteria.
- Kiwi had previously secured $6 million in funding from prominent investors, including Nexus Venture Partners, Stellaris Venture Partners, and a group of angel investors.
What does this mean:
Anup Agrawal, co-founder and CEO of Kiwi, said, "We have been big believers in UPI Credit Card from the start and seeing it take shape is amazing. We started a few months back and looking at the positive response we have received in the last six months of our existence, this fresh round of financing comes at a critical juncture in our business. The funds will enable us to further develop our services and offer innovative products to our customers as we enter the next phase of product development and growth."
