[Funding alert] Kiwi Secures $6 Mn In Pre-seed Round From Nexus, Stellaris, Others

Kiwi, a credit card platform in India, has launched a credit-on-UPI solution for its customers. The app has received certification from the National Payments Corporation of India (NPCI) and is the first in the country to offer Rupay Cards through a partnership with banks.

By introducing this feature, Kiwi aims to establish one of the largest direct-to-consumer (D2C) models in the credit market using its state-of-the-art mobile application. Customers can make payments securely through their smartphones using either a credit card or a bank account, as per reported by BW Disrupt.

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Speaking about the launch, Siddharth Mehta, co-founder, Kiwi, said, “UPI has become the most inclusive mode of payment in India, with over 30 crore unique users and 5 crore merchants onboarded on the platform. With the launch of the Kiwi app, for the first time in India, users can now leverage the power of a (RuPay) credit card with the convenience and ease of UPI. Our vision is to enable access to credit on UPI for 1 million users over the next 18 months.”

Kiwi, a company founded by Siddharth Mehta (former CEO of Freecharge), Mohit Bedi (formerly of Axis Bank and PayU), and Anup Agrawal (formerly of LazyPay) - all senior fintech experts and banking industry veterans - has secured $6 million in pre-seed funding from some angel investors, as well as prominent venture capital firms Nexus Venture Partners and Stellaris Venture Partners.

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