Kaleidofin, a financial services company that caters to small and growing businesses in the informal sector, said it has raised $13.8 million in a new funding round.
The round was led by Rabo Partnerships BV, which invested $11 million, along with existing investors Michael & Susan Dell Foundation, Oiko CreditOmidyar Network India and Flourish contribute the rest.
So far, kaleidophine raised a total of $37 million in funding.
The startup will use the investment to grow its loan portfolio and expand its credit scoring, middleware and risk management services through partnerships.
Founded in 2017 by Puneet Gupta and Sucharita Mukherjee, kaleidofin aims to democratize access to financial services for low-income people and micro-entrepreneurs who often struggle to obtain traditional banking support.
“We believe that Kaleidofin’s understanding of the Indian rural economy, where 61% of people depend directly or indirectly on agriculture, and Rabo Partnerships’ focus on the agriculture sector will further strengthen our capabilities to serve the customer, underwrite the customer and provide more tailored loans to customers and small businesses in the agriculture sector,” Sucharita MukherjeeCo-founder and CEO of Kaleidofin, said.
Rabo Partnerships, a wholly owned subsidiary of the Netherlands-based Rabobank Group, works to improve access to financial services for underserved populations and provides technical assistance to local financial institutions and cooperatives to help them develop capabilities that enhance their service offerings.
“Kaleidofin has established itself in India as a major player in the field of credit scoring and risk management services, primarily targeting women, small entrepreneurs and the agricultural sector. This investment is perfectly aligned with our strategy of promoting data-driven financial solutions through local institutions and service providers,” said Marianne Schoemaker, CEO of Rabo Partnerships.