An Indian fintech startup has secured $5 million in funding from the Bill and Melinda Gates Foundation. Among other things, Kaleidofin will use the money to further strengthen its product lines.
Chennai-based fintech business, Kaleidofin, has raised $5 million in the second round of Series B fundraising, increasing their total capital to $23 million. According to media sources, the fresh investment was made by the Bill & Melinda Gates Foundation’s Seattle-based Strategic Investment Fund, together with other angel investors and existing investors.
Interestingly, numerous media outlets suggest that Bill and Melinda Gates are not the only notable people who have invested in this firm.
The startup raised $10 million in the first round of its series B fundraising in January, led by the Michael & Susan Dell Foundation, the head honchos of Dell Technologies.
Kaleidofin was launched in 2017 by Sucharita Mukherjee and Puneet Gupta with the goal of providing easy, well-designed financial solutions to approximately 600 million underbanked customers in the informal sector.
According to the business, the proceeds of this round will be used to strengthen their client-centric bespoke solutions for consumers in the informal sector.
Sucharita Mukherjee, co-founder and CEO of Kaleidofin, said, “We are happy to have investors known for their profound emphasis on informal sector clients and innovation promoting financial health as partners,”
The cooperation aims to provide a wide range of financial services to underprivileged populations, with a particular emphasis on low-income women clients on a large scale.”
She also stated that the new funds will be utilized to strengthen all of their product lines and develop their KaleidoCredit company, which aims to provide customized loan solutions to individuals as well as nano and micro SME customers.