SUMMARY
Flourish Ventures, Omidyar Network, Blume Ventures also participated in the round
Kaleidofin provides risk-calculated loans to families in the underbanked segments
Kaleidofin also offers savings, credit, and insurance products
Chennai-based fintech startup Kaleidofin, on Thursday (December 19), announced that it has raised INR 36 Cr ($5.1 Mn) Series A round led by Netherlands-based cooperative and social investor, Oikocredit.
Existing investors Flourish Ventures, Omidyar Network India, Blume Ventures, Bharat Inclusion Seed Fund, and Israel-based medical professor Shlomo Ben-Haim also participated in the funding round. Unitus Capital acted as an exclusive financial advisor to the transaction.
With the recently raised funds in this round, Kaleidofin will strengthen its technology backend and invest in new growth opportunities. Prior to this funding, Kaleidofin has previously raised $2.2 Mn seed funding in April last year.
What Kaleidofin Does?
Founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin provides curated, goal-based financial solutions to customers in the underbanked segments using financial planning and wealth management tools.
For each customer, Kaleidofin begins with understanding the financial goals of the household, its main sources of financial vulnerability, preferences, and tolerance toward financial risk. It then creates individual personas of households through multiple sources of information, such as the demographic profile, income sources, asset ownership, among others, to provide specific financial solutions for its customers.
Kaleidofin also leverages the full India stack to provide customer and product partners with seamless integration to the platform, including eKnowyourcustomer (eKYC), eSignature (eSign) and Electronic National Automated Clearing House (eNACH).
Explaining about the fintech platform, Mukherjee, who is also the CEO of the startup, said that Kaleidofin leveraging deeptech ensures that financial services are accessible through a trusted channel at an extremely low-cost.
Solutions offered by Kaleidofin for its customers comprise of a combination of savings, investment, credit, and insurance products. Interestingly, all products offered by the startup are focused on creating financial resiliency and helping people to take the first step on a financial health journey. The goal-linked financial solution approach ensures no cognitive burden, otherwise required in financial planning.
In less than two years of operations, Kaleidofin claims that it has over 50K customers spread across 10 states in India. It has nearly 30 network partners, which include microfinance institutions (MFIs), corporates, and NGOs. Kaleidofin was selected to showcase its innovation model that addresses SDGs through digital financing, at United Nations General Assembly, Special Task Force Event.
The startup has also won numerous awards including Young Global Leader 2019 (WEF), Women in Fintech Award- Fintegrate 2019, and Women Entrepreneur Award 2019 – IFTA.
