Kaleidofin raises $2.8 million in seed round led by Omidyar Network

Chennai-based Fintech startup Kaleidofin has raised USD 2.8 million in a seed round led by Omidyar Network. Blume Ventures and Professor Shlomo Ben-Haim, an Israeli entrepreneur also participated in the round.

The company plans to use the funds in expanding its network of strategic partners, and accelerate customer acquisition in technology and analytics.

“We believe that everyone deserves and requires access to financial solutions that are intuitive and easy to use, flexible and personalized 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 the mobile app. No more fitting customers to products, the customer is always at the centre. The Kaleidofin platform will ensure every customer gets the right solution,” said Sucharita Mukherjee, co-founder of Kaleidofin.

The company, founded in 2017 by Puneet Gupta and Sucharita Mukherjee, is a financial technology platform that provides tailored financial solutions.

“Even though India has made strides in improving access to the formal financial system, uptake of services and products by Indian consumers has been slow, because they find that traditional banking or insurance is not relevant to their life’s context," said Smita Aggarwal, director-investments at Omidyar Network.

She added, “We are excited that Kaleidofin uses state-of-the-art technologies to understand people's unique needs and offer bundled solutions to mass-market consumers to help improve their financial lives."

The company acquires customers through partnerships with banks, and NBFCs and microfinance institutions that work with informal sector customers.