Indian fintech startup Kiwi has revealed that it has raised $13 million in a Series A fundraising round led by Omidyar Network India.
The round was supported by the startup’s current backers, Nexus Venture Partners and Stellaris Venture Partners, and came after its $6 million funding round.
Since its founding in November 2022, Kiwi has established itself as a major force in India’s fintech market by introducing the nation to the first-ever “credit cards with UPI.”
According to the release, Kiwi’s partnership with banks to provide digital RuPay cards led to this provision.
An important development in the Indian banking sector is the integration of credit cards with the Unified Payments Interface (UPI), which reflects Kiwi’s dedication to improving the practicality and effectiveness of financial transactions.
Additionally, the company says that because its mobile application lets users pay with credit cards or straight from their bank accounts on their cellphones, it stands apart from the competition.
With so many different payment alternatives available, customers’ varied needs are met, thus making payments easy and convenient.
Kiwi claims that it has proven compliance with the highest standards of financial rules as a licensed UPI third-party application by the National Payments Corporation of India (NPCI), guaranteeing secure and dependable services to its consumers.
According to the statement, Kiwi plans to leverage the additional funds to enhance its portfolio in the Indian market and solidify its standing as a leading fintech solutions provider in India.
As of right now, Kiwi has issued 25,000 credit cards, and by the end of 2024, it hopes to onboard 5 lakh users. In the next six months, it intends to work with two major banks in addition to Axis Bank.
The firm asserted that the acceptance points for “Credit on UPI” are projected to be 35 times larger than standard credit card acceptance points, and that the number of unique UPI users is eight to ten times greater than the number of credit card users currently in use in India.