The new funding will be used to enhance its loan portfolio and expand its credit scoring, middleware and risk management services through strategic partnerships.
Fintech startup Kaleidofin has raised $13.8 million in a funding round led by Rabo Partnerships. Existing investors Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India and Flourish also participated in the round, according to the media report.
The new funds will be used to expand its loan portfolio and expand credit scoring, middleware and risk management services through select partnerships.
This brings the total funds raised by kaleidofin since its inception to $37 million. In May 2022, the Chennai-based startup raised $15 million in its Series B funding round led by the Michael and Susan Dell Foundation and others in two tranches the same year.
Led by Sucharita Mukherjee and Puneet Gupta, Kaleidofin offers products such as KaleidoGoals, a goal-based savings solution; KiScore, an automated credit health monitoring platform based on supervised machine learning for informal sectors; KaleidoCredit, a credit service as a platform for lending and debt capital markets use cases; and KaleidoPay, a suite of inclusive payment solutions.
The company said it has enabled loan disbursements totaling over USD 2.7 billion to over 4.7 million clients and small businesses operating in the informal economy since 2020.