Fintech startup Kiwi raises $13 million led by Omidyar Network India

Homegrown fintech startup Kiwi on Tuesday said it has $13 million (about Rs 108 crore) in a Series-A funding round led by Omidyar Network India.

Existing investors, Nexus Venture Partners and Stellaris Venture Partners, also participated in this round.

Founded in November 2022, Kiwi said that the funding will enable it to further expand its 'credit cards on UPI' offerings in India.

The 'credit cards with UPI' feature is enabled by issuing digital RuPay Cards in collaboration with banks. Certified by the NPCI as a licensed UPI third-party app, Kiwi had previously secured $6 million in funding from investors including Nexus Venture Partners, Stellaris Venture Partners and others.

"The funds will enable us to further develop our services and offer innovative products to our customers as we enter the next phase of product development and growth,” said Anup Agrawal, co-founder and CEO of Kiwi. Kiwi is co-founded by industry veterans like Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank and PayU), and Agrawal (ex-business head, LazyPay).

Currently, Kiwi has issued 25,000 credit cards and aims to on-board 5 lakh customers by end of 2024.

It has partnered with Axis Bank and plans to collaborate with two large banks in the next six months.

“We believe in the transformative power of Kiwi's solutions and are excited to back the team as they continue to innovate and expand their footprint,” said Treasa Mathew, Director, Omidyar Network India.