Kiwi, a fintech company specialising in credit card management, has secured $13 million in its pre-Series A funding round. The funding was led by Omidyar Network India, with participation from existing investors Nexus Venture Partners and Stellaris Venture Partners.  

The start-up plans to use the funds to enhance its product and technology, hire senior leaders in growth, marketing, and data analytics, and expand its credit card offerings on UPI.  

The Bengaluru-based company currently has 40 staff members and aims to strengthen its product offerings, build brand partnerships, and recruit additional talent. 

The company dealing with credit card management received certification from the National Payments Corporation of India as a licensed UPI third-party app. This funding arrives amid caution from the Reserve Bank of India regarding unsecured lending.  

Kiwi relies on bank partnerships for its operations, and it has already partnered with Axis Bank. The company plans to add more partners in the coming year. 

According to Kiwi's agreement with Axis Bank, users with a minimum salary of Rs 15,000 are eligible, but most users on the platform have a salary of Rs 50,000 or more. The credit limit on the card ranges from a minimum of Rs 25,000 to a maximum of Rs 10,00,000. 

Kiwi's 'Credit on UPI' service has a broader reach, with 8-10 times more UPI users than traditional card users in India. The acceptance points for 'Credit on UPI' are estimated to be five times more extensive than regular credit card acceptance points, according to Anup Agrawal, co-founder of Kiwi .