Kiwi founded by fintech founders raises $6M in a pre-Seed round

Mumbai-based Kiwi, a credit card platform founded by senior fintech founders, has raised $6 million in a pre-Seed funding round led by Nexus Venture Partners, Stellaris Venture Partners, and angel investors. 

Alongside, the fintech startup has launched its all-in-one "Credit on UPI," which will help customers make payments using either a credit card or bank account directly through their phones.

Co-founded in November 2022 by senior fintech experts and banking industry veterans, Siddharth Mehta (former CEO, Freecharge), Mohit Bedi (former Axis Bank and PayU executive), and Anup Agrawal (former business head, LazyPay).

Through Kiwi app, users will be able to apply for and get a virtual RuPay credit card, which will be issued with partnership from leading banks, digitally and instantly. Post-receiving the card, Users will be able to link it to UPI and the can transact on all merchant QRs using his/her credit card. The app also features other offerings such as UPI on Savings, and P2P transfers from Savings Accounts.

Statement:

“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," Praveena Rai, COO, NPCI, 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,” added Anup Gupta, Managing Director, Nexus Venture Partners.

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