India-based neobank Kaleidofin has raised $10m in a Series B funding round led by Michael & Susan Dell Foundation.

Kaleidofin’s existing investors Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also joined the fundraising, according to local media reports.

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Kaleidofin is a consumer-facing firm with a focus on the informal customer base and nano businesses.

The firm serves as a bridge between banks and non-banking finance companies (NBFCs) to digitally offer financial services.

Its portfolio of products currently has four offerings that include a goal-based savings solution, KaleidoGoals; credit as a platform service, KaleidoCredit; automated credit health checker KiScore and a suite of payment solutions KaleidoPay.

Sucharita Mukherjee and Puneet Gupta founded Kaleidofin in 2018, which currently claims to have one million active customers across semi-urban and rural India.

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Kaleidofin plans to invest in its technological development, risk management and data science capabilities to scale its Kaleidocredit business line.

To support its next phase of growth the neobank has appointed founding members Natasha Jethanandani, CTO and Vipul Sekhsaria, chief networks officer, as co-founders.

Michael & Susan Dell Foundation India country director Geeta Goel said: “Access to customisable credit for nano-entrepreneurs can unleash a growth wave for enterprises and the economy, and also enable some to graduate to small and medium enterprises. Kaleidofin can play a key role in this movement based on its on-the-ground partnerships and the scientific process for risk assessment and pricing.”