Kiwi, a fintech startup, raised $13 million in a recent funding round, under the leadership of Omidyar Network India. Participating in the round were long-time investors Nexus Venture Partners and Stellaris Venture Partners.
With the new funding, the Kiwi intends to introduce more products over the course of the next year, such as free equivalent monthly installments (EMI) on UPI and, eventually, a credit line on UPI, as permitted by the National Payments Corporation of India (NPCI) earlier this year. In the Nation, NPCI runs the UPI-Service.
“We have launched the (RuPay credit card on UPI) product and have seen a good product market fit. With this round, we now look to scale up our marketing efforts, double down on tech architecture and keep improving customer experience. We will make some senior appointments in this direction,” said Siddharth Mehta, cofounder of Kiwi, who was also the former chief executive at payments platform Freecharge.
“Increasing access to affordable and convenient financial products beyond digital payments and ensuring deeper and more consistent usage of formal credit is the critical next step in advancing the financial inclusion journey of India’s next half billion. We are thrilled to lead this investment in Kiwi,” said Treasa Mathew, director, investments, Omidyar Network India.
Siddharth Mehta, Mohit Bedi and Anup Agrawal: founded Kiwi. Unlike other UPIs that only permit linking with bank accounts, Kiwi is a unique app that allows UPI-Payments by connecting it to a credit card. Kiwi users can link their bank accounts to send money to friends and family and receive guaranteed cashbacks as Rewards.
Kiwi is an environmentally conscious company that runs entirely on plastic-free principles. All things considered, Kiwi provides a distinctive payment option, fuses the ease of UPI with the advantages of credit cards, and encourages environmentally responsible behavior.