Kiwi, a credit card platform, has successfully raised $6 million in a pre-Seed funding round from Nexus Venture Partners, Stellaris Venture Partners, and angel investors. The startup has recently launched its all-in-one “Credit on UPI” solution, which enables customers to make payments using a credit card or bank account directly through their phones.
This launch is aimed at building one of the largest direct-to-consumer (D2C) models in the credit market. Siddharth Mehta, co-founder of Kiwi, said, “Our vision is to enable access to credit on UPI for 1 million users over the next 18 months.” Kiwi was founded in November 2022 by senior fintech experts and banking industry veterans, Siddharth Mehta, Mohit Bedi, and Anup Agrawal.
The Kiwi app allows users to apply for and get a virtual RuPay credit card digitally and instantly, which will be linked to UPI and can be used to transact on all merchant QRs using a credit card. The startup plans to partner with some of the leading banks to issue these credit cards. In addition to the credit card service, the app also features other offerings such as UPI on Savings and P2P transfers from Savings Accounts.
Praveena Rai, COO of NPCI, said, “Kiwi will be a game-changer in the Indian credit card industry… Kiwi is set to capitalise on a significant untapped market.” Anup Gupta, Managing Director of Nexus Venture Partners, added, “We are excited to partner with team Kiwi in their mission to accelerate credit card adoption in India.”
Kiwi is a credit card platform that enables customers to make payments using a credit card or bank account directly through their phones. The startup recently launched its “Credit on UPI” solution, which is aimed at building one of the largest direct-to-consumer (D2C) models in the credit market. Kiwi was founded by senior fintech experts and banking industry veterans, Siddharth Mehta, Mohit Bedi, and Anup Agrawal, in November 2022. The Kiwi app allows users to apply for and get a virtual RuPay credit card digitally and instantly, which will be linked to UPI and can be used to transact on all merchant QRs using a credit card.
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