Kaleidofin, a Chennai based fintech platform raises $2.8 million seed funding to accelerate customer acquisition pan-India, expand the company’s network of strategic partners, and enable deep investments in technology and analytics.
The funding round 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.
Kaleidofin will use this funding 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.
As per the data, more than 200 million households in India have no access to formal savings, insurance, and investments.
The Chennai based platform 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.
Kaleidofin seeks to tap into this enormous market opportunity via its curated financial solutions platform.
“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.
The company also offers 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.
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.