Kaleidofin, a financial service company has raised $13.8 million in a new round led by Rabo Partnerships B.V., headquartered in the Netherlands with an investment of $11 million. Existing investors Michael and Susan Dell Foundation, Oikocredit, Omidyar Network India and Flourish also participated in the round.
This takes the total funds raised by kaleidofin since its inception to $37 million.
Prior to this, kaleidofin had raised a total of $23 million from marquee investors like Bill and Melinda Gates Foundation; Michael and Susan Dell Foundation, Omidyar Network India, Oikocredit, Blume Ventures, Bharat Fund, and Flourish Ventures.
In May 2022, the Chennai-based startup raised $15 million in its Series B round led by the Michael and Susan Dell Foundation and others in two tranches in the same year.
The investment will used to scale its lending portfolio and expand credit scoring, middleware and risk services through selected partnerships.
Sucharita Mukherjee, Co-founder & CEO, kaleidofin said, “Rabo Partnerships multi-faceted, partnership approach towards promoting financial inclusion, private capital development and food security across the globe has been highly effective in fostering innovation and growth. We believe that kaleidofin’s understanding of the Indian rural economy, where 61% of individuals are directly or indirectly dependent on agriculture, and Rabo Partnerships’ focus on the agri sector will further strengthen our capabilities in serving the customer, underwriting the customer and in offering customers and small businesses more suitable loans in the agri segment.”
Marianne Schoemaker, CEO, Rabo Partnerships said, “We are very pleased to support Kaleidofin’s mission to offer innovative financial solutions, targeting millions of customers who lack convenient access to formal financial services. They have established themselves in India as a leading player in credit scoring and risk services, predominantly targeting women, small entrepreneurs and the agricultural segment. This investment seamlessly supports our strategy of promoting data-driven finance solutions through local institutions and service providers. We aim to leverage our ecosystem approach through value creation and impact, and we are looking forward to a fruitful long-term partnership with Kaleidofin.”
Established in 2017, kaleidofin is a financial services company that is focused on building a digital ecosystem to accelerate access to formal finance for lower-income customers and small businesses in the informal sector.
By combining credit health assessment (ki score), middleware rails, risk management dashboards (ki view) and debt capital markets structuring capabilities (ki credit), kaleidofin unlocks finance for informal sector customers from banks and other deep pools of capital.
In India, the Company has facilitated loan disbursal of cumulatively over $2.7 billion for over 4.7 million customers and small enterprises working in the informal economy, since 2020.
