Kiwi Secures $24 Million in Series B Funding to Enhance UPI Credit Services
In a significant move for the fintech sector, Kiwi, a startup known for facilitating credit through UPI, has successfully raised $24 million (approximately ₹209 crores) in its Series B funding round.
Funding Details and Investors
This funding round was led by Vertex Ventures, with a prominent focus on Southeast Asia and India. The fresh capital will help Kiwi accelerate its growth trajectory and enhance its product offerings, aiming to create a more sustainable unit economy.
Plans for Growth and Product Enhancement
Kiwi has outlined ambitious plans to improve customer experiences by revamping its rewards program and introducing new features. These include additional modules for credit cards and EMI activation via UPI, catering to a broader audience.
Vision for UPI Credit Ecosystem
Anup Agrawal, co-founder and managing director of Kiwi, emphasized, “As credit on UPI gains momentum, our vision remains clear: to position Kiwi as the essential platform for users, delivering unparalleled integration and convenience in payments and rewards.”
Company Background and Milestones
Kiwi was founded in 2022 by industry veterans Anup Agrawal, Mohit Bedi, and Siddharth Mehta. Since its inception, the platform has launched two Rupay Lakh credit cards, which are now available in over 600 cities across India, showcasing a rapid expansion in access to credit lines via UPI.
Partnerships and Future Collaborations
The startup is currently collaborating with Yes Bank and other notable financial institutions, with plans to onboard additional major banks by the end of the 2026 fiscal year, positioning itself as a key player in the Indian fintech landscape.
Recent Funding Context
This recent funding round follows Kiwi’s successful $13 million Series A financing, which occurred just two months prior, highlighting strong investor confidence in its growth model. Earlier in May 2023, the company also secured $6 million in a pre-Series A round.
CREDRIGHT’s $10 Million Funding Achievement
In parallel to Kiwi’s success, CREDRIGHT, a non-banking financial institution, has raised $10 million in Series B financing. This round was spearheaded by Abler Nordic and included participation from existing investors like the Michael and Susan Dell Foundation.
Strategic Goals for CREDRIGHT
CREDRIGHT plans to utilize this capital to expand its loan portfolio, enhance its technological capabilities, and extend its reach to entrepreneurs in tier 2 to tier 4 cities. Founded in 2016, the startup combines digital loans with a robust network of low-cost branches across four states in India.