Fintech startup Kiwi raises Rs 108 crore in Series-A funding round led by Omidyar Network India

In a significant development for the Indian fintech landscape, Kiwi, a pioneering financial technology firm, has successfully secured $13 million (approximately Rs 108 crore) in its latest funding round. The funding was led by Omidyar Network India, with participation from existing investors Nexus Venture Partners and Stellaris Venture Partners, according to an official release.

Kiwi, founded in November 2022, has emerged as a trailblazer by becoming the first fintech company in India to introduce 'credit cards with UPI.' The company achieves this innovation by issuing digital RuPay Cards in collaboration with banks, a move that sets it apart in the dynamic fintech market.

The funds raised in this series-A round are earmarked for the expansion of Kiwi's 'credit on UPI' offerings across India. The company's mobile application stands out by providing users with a seamless and secure payment experience, allowing them to transact using either a credit card or a bank account directly through their smartphones.

The announcement emphasised that Kiwi's certification by the National Payments Corporation of India (NPCI) as a licensed UPI third-party app underscores its commitment to compliance and regulatory standards. Prior to this funding round, Kiwi had already secured $6 million in investments from notable backers, including Nexus Venture Partners, Stellaris Venture Partners, and a group of angel investors.

The infusion of capital from Omidyar Network India and other investors positions Kiwi strongly to advance its mission of transforming and expanding the 'credit on UPI' landscape in India, catering to the evolving needs of consumers in the digital finance space.