FinTech platform Kaleidofin announced that it has raised USD 2.8 million in a seed round of investments to accelerate customer acquisition pan-India, expand the company's network of strategic partners, and enable deep investments in technology and analytics.
"We believe that everyone deserves and requires access to financial solutions that are intuitive and easy to use, flexible and personalised to real goals. This can make financial progress and financial freedom possible for everyone. Kaleidofin aims to be the financial advisor for potentially 600 million plus informal sector customers, all delivered in a simple, easy-to-use mobile app. No more fitting customers to products, the customer is always at the center. The Kaleidofin platform will ensure every customer gets the right solution," said Kaleidofin founder, Sucharita Mukherjee.
It is estimated that more than 200 million households in India have no access to formal savings, insurance, and investments. Kaleidofin seeks to tap into this enormous market opportunity via its curated financial solutions platform. In order to offer customers the right product or service-Kaleidofin partners with best-in-class financial services providers across credit, insurance, savings, and investments, using intelligent algorithms to match the most appropriate solution to each customer's goal.
The company has also leveraged the full India stack to provide customer and product partners with a seamless integration to the platform, including eKnowyourcustomer (eKYC), eSignature (eSign) and Electronic National Automated Clearing House (eNACH).
Kaleidofin acquires customers through partnerships with banks, NBFCs and microfinance institutions (MFI) that work with informal sector customers, and directly through its mobile app. Long-term customer partners include SEWA Bank and Sonata Micro Finance with a combined customer network of more than 1.7 million people. Financial solutions are delivered to customers through strategic partnerships with leading institutions, such as Bharti AXA and ICICI Pru Life on insurance and ICICI Pru MF, UTI, Aditya Birla, Franklin Templeton, SBI and HDFC in the investments space.
Using the funds raised in this round of investments, Kaleidofin plans to expand its network to include partners in other segments, such as agents, banking correspondents, cooperatives, self-help groups, and microfinance institutions to deliver suitable financial solutions to the underserved at a faster scale.
Since its launch in February, the Kaleidofin app has been already deployed by SEWA Bank across all its branches, staff, and agents. Furthermore, Rajiv C Lochan, CEO and managing director of the Hindu Group, has also joined Kaleidofin's board as an independent director.
On a related note, the current round of funding was led by Omidyar Network, a Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay, Blume Ventures, and individual investors, including Israeli serial entrepreneur and inventor, Professor Shlomo Ben-Haim.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)