Financial services company kaleidofin on Wednesday announced that it has raised $13.8 million funding led by Rabo Partnerships B.V headquartered in the Netherlands with $11 million. The remaining equity infusion was made by the company’s existing investors Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India and Flourish. This takes the total funds raised by kaleidofin since inception to $37 million.
The investment is aimed at boosting kaleidofin’s lending portfolio and ‘ki score’ led risk infrastructure platform for contextual credit assessment in the informal sector and underbanked segments.
The company said the investment would help transform its product design enabling rural and agri-focused lenders including large commercial banks to graduate existing customers to more specialised loans, attract new customers, implement risk-based pricing, and significantly enhance portfolio monitoring.
Speaking on the fundraising, Sucharita Mukherjee, Co-founder & CEO, kaleidofin said, “We believe that kaleidofin’s understanding of the Indian rural economy, where 61% of individuals are directly or indirectly dependent on agriculture, and Rabo Partnerships’ focus on the agri sector will further strengthen our capabilities in serving the customer, underwriting the customer and in offering customers and small businesses more suitable loans in the agri segment.”
Set up in 2017, kaleidofin provides financial solutions for low-income customers/businesses working in the informal economy. The company said it has facilitated over $2.7 billion in cumulative loan disbursal to more than 4.7 million customers and small enterprises working in the informal economy since 2020.
“This investment seamlessly supports our strategy of promoting data-driven finance solutions through local institutions and service providers,” said Marianne Schoemaker, CEO, Rabo Partnerships.
Kaleidofin had earlier raised a total of $23 million from the Bill and Melinda Gates Foundation; Michael & Susan Dell Foundation, Omidyar Network India, Oikocredit, Blume Ventures, Bharat Fund, and Flourish Ventures.