Fintech startup Kiwi has raised $13 million in a Collection A funding spherical led by Omidyar Community India to increase its “company bank card on UPI providing” in India. Current traders, Nexus Enterprise Companions and Stellaris Enterprise Companions, participated within the newest spherical of fundraising.
That is the startup’s second fundraising in 2023.
In Might this 12 months, the Kiwi firm secured $6 million in funding from traders akin to Nexus Enterprise Companions, Stellaris Enterprise Companions and a gaggle of angel traders, the corporate stated.
To this point, the fintech startup has issued 25,000 bank cards and plans to welcome 0.5 million clients by the tip of 2024.
It has partnered with Axis Financial institution and intends to collaborate with two main banks within the subsequent six months.
“We have been large believers within the UPI bank card for the reason that starting, and to see it taking form is superb,” stated Anoop Agrawal, co-founder and CEO of Kiwi. “We launched a couple of months in the past, and given the constructive response now we have acquired within the final six months of our existence, this new spherical of funding comes at a essential juncture in our enterprise. He added: “These funds will allow us to proceed to develop our companies and supply progressive merchandise to our clients as we enter the part Subsequent product growth and development.
The corporate is licensed by the Nationwide Funds Company of India (NCPI) as a third-party licensed implementation of UPI.
“Rising entry to handy and inexpensive monetary merchandise past digital funds, and making certain deeper and extra constant use of formal credit score” was a essential subsequent step in India’s monetary inclusion journey, added Tressa Mathew, Director, Omidyar Community in India.
Kiwi was based in November 2022 by former Freecharge CEO Siddharth Mehta, former Axis Financial institution and PayU government Mohit Bedi, and former enterprise head of PayU’s Lazypay unit Anup Agrawal.
The corporate claims to be the primary fintech firm to launch bank cards with UPI by issuing digital RuPay playing cards in collaboration with banks.
“The variety of distinctive UPI customers is 8 to 10 occasions the variety of current bank card customers in India, and the ‘UPI Credit score’ acceptance rating is estimated to be 35 occasions larger than that of standard bank cards. This represents vital development potential,” the corporate stated in a press release. For Kiwi firm.
(tags for translation) Kiwi