Image Credit: Kiwi
Fintech startup Kiwi raised $13 million (approx. Rs 108 crore) in the Series A funding round. The round was led by Omidyar Network India, with participation from existing investors Nexus Venture Partners and Stellaris Venture Partners.
Kiwi is a revolutionary virtual credit card company that provides lifetime free credit cards based on UPI payments and RuPay cards. The Credit on UPI feature was launched by the National Payments Corporation of India (NPCI) this year, and Kiwi is utilizing the opportunity and filling the market gap to serve Indian customers. UPI technology was developed and launched by NPCI in 2016, and since then it has amazed the world, and many countries have tried adopting this Indian technology in their payment systems. This “credit on UPI” is a new concept, and it looks like physical credit cards will be the talk of the past and virtual credit cards are the future.
This new investment from Series A will be used by the company in technology, product development, and elevating the consumer experience. It will also be used to expand the team further.
The company’s co-founders are Siddharth Mehta, Mofit Bedi, and Anup Agarwal, and it is headquartered in Bengaluru, Karnataka, India.
