Fintech startup Kiwi, which pioneered the concept of Credit-on-UPI, has raised $24 million (Rs 208 crore) in its Series B funding round led by Vertex Ventures Southeast Asia & India. The Mumbai-based business has been waiting almost two years for this new fund.
About the Company
The company was established in 2022 by former Freecharge CEO Anup Agrawal, Satyam Kumar, and Siddharth Mehta. It allows customers to use RuPay credit cards to make UPI payments. The company has partnered with NPCI and Axis Bank to promote the use of UPI for credit.
Kiwi is known for its innovative approach to simplifying payments and credit access. By combining technology with financial inclusion, the startup aims to make digital transactions seamless and secure for consumers and businesses alike. Its platform enables users to manage credit efficiently while providing merchants with faster payment solutions.
Leveraging Momentum
With $24 million of fresh capital, it is set to grow its base and leverage its momentum, looking to deepen its reach as digital payments credit usage gains pace. The founders of the startup, who individually own around 16.2% after Series A, have put it on a rapid growth trajectory in a $2.1 trillion Indian fintech market that is anticipated by 2030.
Investor Confidence
The strong participation of Vertex Ventures alongside Kiwi’s existing backers reflects high confidence in the company’s vision and execution. Investors are betting on Kiwi’s ability to disrupt the financial services industry and deliver long-term value.
Milestones
The $24 million funding round marks a significant milestone for Kiwi. With the support of Vertex Ventures and its loyal investors, the fintech startup is poised to expand rapidly, innovate boldly, and redefine how consumers and businesses experience digital finance.
As the lines blur between banking and real-time digital payments, Kiwi’s full-stack approach and early scale-up in the UPI-credit space suggest the startup is well positioned to capture a sizable slice of India’s next big fintech wave.
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