Kaleidofin, a Chennai-headquartered fintech company, has raised $5 million in the second round of Series B funding, bringing their total funding amount to $23 Million to date. As per media reports, the latest investment is made by Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund along with other angel investors and existing investors.
Interestingly, many media sources also report that Bill and Melinda Gates were not the only famous people who have invested in this firm. In January, the firm raised $10 million in the first round of its series B funding, led by the Michael & Susan Dell Foundation, the bigwigs of Dell Technologies.
Sucharita Mukherjee and Puneet Gupta founded Kaleidofin in 2017, to offer simple, well-designed, financial solutions to address the needs of over 600 million underbanked customers engaged in the informal economy.
According to the startup, it will use the proceeds of this round to strengthen their client centric tailored solutions for informal sector customers.
Sucharita Mukherjee, co-founder and CEO, Kaleidofin said, “We are delighted to have investors known for their deep focus on informal sector customers and innovation promoting financial health, as partners. The partnership seeks to offer a broad range of financial services to underserved communities with a specific focus on low-income women customers at scale.”
She also added that the new funds will be used to further strengthen all their product lines and scale their KaleidoCredit business which is aimed at offering customised credit products for individuals and nano and micro SME customers.