Kaleidofin, an Indian neobank trageting the country's vast unbanked population, has closed the second tranche of its $15 million Series B equity round led by the Michael and Susan Dell Foundation.
The round also included the participation of the Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, angel investors and existing investors. The current fund raise takes the total funding raised by Kaleidofin to date to $23 million.
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.
The proceeds of this round will be used to strengthen tailored credit services for customers using the company's KiScore platform that has so far been used to underwrite over 830 million in loans.
Sucharita Mukherjee, co-founder and CEO, Kaleidofin says: "The new funds will be used to further strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business aimed at offer customised credit products for individuals and nano and micro SME customers.”