'Credit Cards with UPI' Startup Kiwi Secures USD 13Mn in Series A Round Since inception, it has onboarded 25,000 credit card holders and aims to touch five lakhs by the end of next year

Fintech startup Kiwi announced it has raised a Series-A funding round worth USD 13 million. The round was led by Omidyar Network India and saw participation from existing investors such as Nexus Venture Partners and Stellaris Venture Partners.

"We have been big believers in UPI Credit Card from the start and seeing it take shape is amazing. We started a few months back and looking at the positive response we have received in the last six months of our existence, this fresh round of financing comes at a critical juncture in our business," shared Anup Agrawal, co-founder and CEO, Kiwi.

Founded in November last year, Kiwi is said to be a first in the space of "credit cards with UPI" by issuing digital RuPay Cards in collaboration with banks, specifically Axis Bank. It was established by Siddharth Mehta, Mohit Bedi, and Anup Agrawal and had received a seed funding of USD six million previously.

"We believe in the transformative power of Kiwi's solutions and are excited to back the team as they continue to innovate and expand their footprint. We look forward to a successful partnership and supporting the continued growth of Kiwi in the dynamic Indian fintech landscape," shared Treasa Mathew, Director, Omidyar Network India on the occasion.

Kiwi will now utilize the raised funds towards further developing services and offer innovative products to its customers. Since inception, it has onboarded 25,000 credit card holders and aims to touch five lakhs by the end of next year.

"Increasing access to affordable and convenient financial products beyond digital payments and ensuring deeper and more consistent usage of formal credit is the critical next step in advancing the financial inclusion journey of India's Next Half Billion," adds Mathew.