Chennai-based fintech startup Kaleidofin has raised over $2.8 Mn in seed funding from Omidyar Network. Blume Ventures and individual investors – including Israeli serial entrepreneur and inventor, Professor Shlomo Ben-Haim – have also participated in the round. This is Professor Ben-Haim’s first investment in India.
With the raised funding, the startup aims to accelerate its customer acquisition pan-India, expand the company’s network of strategic partners, and enable deep investments in technology and analytics. Also, with this round Rajiv C Lochan, CEO and managing director of the Hindu Group, has joined Kaleidofin’s board as an independent director.
It is estimated that more than 200 Mn households in India have no access to formal savings, insurance and investments. Launched in February 2018, Kaleidofin aims to tap this vast segment of informal sector customers and offers tailored financial solutions using intelligent algorithms to suit their investment needs.
The startup also leverages the full India stack to provide customer and product partners with a seamless integration to the platform, including eKnowyourcustomer (eKYC), eSignature (eSign) and Electronic National Automated Clearing House (eNACH).
“We believe that everyone deserves and requires access to financial solutions that are intuitive and easy to use, flexible and personalised to real goals. This can make financial progress and financial freedom possible for everyone,” said Sucharita Mukherjee, the founder of Kaleidofin.
The startup is currently working through strategic partnerships with the leading non-banking financial companies (NBFCs) and financial institutions, including SEWA Bank, Sonata Microfinance, ICICI Pru MF, UTI, Aditya Birla, SBI, ICICI Pru Life and Bharti Axa as well as directly through its mobile app. Also, since its launch, the Kaleidofin app has been already deployed by SEWA Bank across all its branches, staff and agents.