Indian neobank Kaleidofin has raised $10 million in Series B funding, led by the Michael & Susan Dell Foundation.
The new equity injection takes the total funding raised by Kaleidofin to $18 million. Existing institutional investors, Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also participated in the Series B.
Serving the underbanked Indian community, Kaleidofin offers goal-based savings accounts and payment service, machine learning-based credit checks for consumer loans and a platform for lending and debt capital markets use cases. The firm claims over one million active transacting customers across India.
Kaleidofin co-founder Puneet Gupta says: “We look forward to scaling up the Kaleidocredit business line and drive deep loan product innovation focused on the informal customer and nano business. To this end, we will deepen our investments in developing our technology, risk management and data science capabilities”
Separately, muvin, India’s youth focused neobank has raised $3 million in pre-Series A funding. Muvin enables parents to create an account for their children with an accompanying digital wallet and contactless card.
The latest round - led by WaterBridge Ventures alongside Alteria Capital and Krishna Bhupal - brings muvin total funding to $4 million. The startup raised $1 million in seed funding in April last year from a network of fintech-connected business angels.