Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund

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Neobanking platform Kaleidofin raises $5.3 Mn led by IDH Farmfit Fund The Chennai-based startup had previously raised $13.8 million in September 2024. It is backed by Rabo Partnerships, the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish Ventures. The company has raised $42 million to date. Fintech neobanking platform Kaleidofin has raised $5.3 million (about Rs 44.5 crore) in a new funding round led by the IDH Farmfit Fund. The fresh funds will be used to scale up its lending portfolio as well as expand credit scoring, middleware, and risk services through new partnerships, Kaleidofin said in a press release. Co-founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin is a fintech company that focuses on democratizing finance and providing inclusive financial solutions to underbanked individuals and businesses. It offers a technology platform that combines investments, credit, and insurance, customized to the needs of its customers, and utilizes a "click and brick" approach, integrating both online and offline channels. The company aims to empower everyone with financial services through technology and a network of partners. Kaleidofin aims to reach 600 million underbanked Indians with tailor-made financial solutions. It has developed a tech platform that reduces the cost of providing financial services, making them accessible to customers with very small savings. The platform combines online solutions with a network of partners—such as banks, MFIs, and NGOs—to provide trusted, last-mile connectivity. Kaleidofin states that it works with various partners, including banks, MFIs, NBFCs, and corporations, to expand its reach and offer a wider range of financial services. It utilizes advanced machine learning and suitability engines to offer goal-based financial solutions, catering to different life stages.