Indian FinTech Kaleidofin, which provides intuitive and tailored financial solutions to the informal sector, has raised $2.8m.
The seed round was led by Omidyar Network, with participation from early-stage venture capital firm Blume Venture and individual investors, including Shlomo Ben-Haim, an Israeli serial entrepreneur and investor. Kaleidofin will use the new funds to grow its customer base pan-India, tie up with more banks and financial institutions and invest in technology and analytics.
Founded by Sucharita Mukherjee and Puneet Gupta, former IFMR Holdings CEO and CFO respectively, Kaleidofin went live two months ago.
It partners with financial service providers in credit, savings, insurance and investments and uses algorithm and machine learning to match the appropriate solution to a particular customer’s goal and need.
It has tied up with non-banking finance companies, microfinance institutions, financial institutions and insurance companies, including SEWA Bank, Sonata Microfinance, ICICI Pru MF, UTI, Aditya Birla, SBI, ICICI Pru Life and Bharti Axa.
“We believe that everyone deserves and requires access to financial solutions that are intuitive and easy to use, flexible and personalized to real goals. Kaleidofin aims to be the financial advisor for potentially 600 million plus informal sector customers,” said Sucharita Mukherjee, founder of Kaleidofin.
The company also provides customer and product partners with a seamless integration to the platform, including eKnowyourcustomer (eKYC), eSignature (eSign) and Electronic National Automated Clearing House (eNACH).
Last month, a new report commissioned by Yes Bank found that India’s FinTech sector is in needed of regulation to truly flourish. Based on a survey of hundreds of local and international FinTech firms, the Yes Bank-commissioned India FinTech Opportunities Review, examined the future of the industry and its potential going forward. in order for the market to continue to grow, the survey suggests more needs to be done in terms of regulation. According to the survey, 87% of respondents suggested the need of a regulatory sandbox.
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