Fintech startup Kiwi has recently raised an impressive $13 million in a Series-A funding round led by Omidyar Network India, signaling significant growth and potential for the company. The funding round also saw participation from existing investors, Nexus Venture Partners and Stellaris Venture Partners.
The infusion of capital will play a crucial role in facilitating Kiwi’s plans to expand its “credit cards on UPI” offerings in India. Kiwi, founded in November 2022 by industry veterans Siddharth Mehta, Mohit Bedi, and Anup Agrawal, quickly gained recognition as the pioneer fintech to launch ‘credit cards with UPI’ by issuing digital RuPay Cards in collaboration with banks.
As a licensed UPI third-party app certified by the National Payments Corporation of India (NPCI), Kiwi had previously secured $6 million in funding from Nexus Venture Partners, Stellaris Venture Partners, and a group of angel investors. With their latest funding round, the startup’s total funding now stands at $19 million.
Kiwi has already issued 25,000 credit cards and aims to onboard 500,000 customers by the end of 2024. The company has forged a partnership with Axis Bank and plans to collaborate with two more major banks within the next six months.
The potential for growth in the credit card market on the Unified Payments Interface (UPI) platform is immense. The number of UPI users in India surpasses the existing credit card user base by a factor of 8-10, indicating a vast untapped market. Furthermore, Kiwi claims that the acceptance points for “Credit on UPI” are estimated to be 35 times larger than regular credit card acceptance points.
The company’s success in securing this significant funding round speaks to the confidence investors have in Kiwi and its vision for transforming the financial landscape in India. The funds will allow Kiwi to further develop its services and offer innovative products to its growing customer base. The startup is embarking on the next phase of product development with enthusiasm and is poised for rapid growth in the coming years.
1. What is Kiwi?
Kiwi is a fintech startup that offers “credit cards on UPI” in collaboration with banks. It was founded in November 2022 and aims to revolutionize the financial landscape in India.
2. How much funding did Kiwi secure in its latest funding round?
Kiwi raised $13 million in a Series-A funding round led by Omidyar Network India. Existing investors, Nexus Venture Partners, and Stellaris Venture Partners also participated in the round.
3. What are Kiwi’s plans for expansion?
With the newly secured funding, Kiwi plans to expand its “credit cards on UPI” offerings in India. The company aims to onboard 500,000 customers by the end of 2024 and is set to collaborate with two major banks in the next six months.
4. What is the potential for growth in the credit card market on UPI?
The number of UPI users in India is 8-10 times larger than the existing credit card user base. Kiwi estimates that the acceptance points for “Credit on UPI” are 35 times larger than regular credit card acceptance points, indicating a vast untapped market.
5. How will the funding support Kiwi’s growth?
The raised funds will enable Kiwi to further develop its services and offer innovative products to its customers. The startup is entering the next phase of product development with the vision to transform the financial inclusion journey in India.