Kiwi has raised $6 million in pre-seed funding led by Nexus Venture Partners, Stellaris Venture Partners
Kiwi, an Indian credit card platform, has launched its all-in-one "Credit on UPI," solution for customers. Certified by the NPCI, Kiwi claims to help customers to experience “Credit on UPI” by issuing Rupay Cards in partnership with banks.
With this launch, Kiwi aims to create one of the largest direct-to-consumer (D2C) models in the credit market through its cutting-edge mobile application, which offers users the ability to make payments using either a credit card or bank account directly through their phones in a secure manner.
Co-founded by Siddharth Mehta (ex-CEO of Freecharge), Mohit Bedi (ex-Axis Bank and PayU) and Anup Agarwal (ex-business head, LazyPay), the company raised $6 million in pre-seed funding from marquee investors - Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors.
Speaking about the launch, Siddharth Mehta, co-founder of Kiwi, said, “UPI has become the most inclusive mode of payment in India, with over 30 crore unique users and 5 crore merchants onboarded on the platform. With the launch of Kiwi app, for the first time in India, users can now leverage the power of a (RuPay) credit card with the convenience and ease of UPI. Our vision is to enable access to credit on UPI for 1 million users over the next 18 months.”
Praveena Rai, COO of NPCI, said, “In our step towards attaining the goal of ‘Digital Payments for All’, Kiwi will be a game-changer in the Indian credit card industry. With the monthly expenditure on UPI P2M transactions amounting to approximately Rs. 3.2 lakh crore, which is almost 2.5x larger than the monthly credit card spends, Kiwi is set to capitalise on a significant untapped market.
Anup Gupta, Managing Director, Nexus Venture Partners said, “Kiwi will offer consumers the best of credit cards and UPI i.e. convenience, rewards and flexible repayment experience of credit cards along with unmatched acceptance rail of UPI which is ubiquitous across India. We are excited to partner with Team Kiwi in their mission to accelerate credit card adoption in India.”
According to a report by the Economic Times (ET), the fund is aiming to close its final round at $1 billion
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