Funding · Financial Services
Kiwi looks to raise up to $40 million
By Startup Enthusiast ·
- Date
- Company
- Kiwi
- What it does
- UPI credit card fintech
- Kind
- Funding
- Amount
- $30–40M
- Based in
- Bengaluru
- Founded
- 2022
- Sector
- Financial Services
What they do
Kiwi is a Bengaluru fintech whose RuPay credit cards, issued with partner banks, and credit lines work over UPI
What happened
The startup is in talks to raise $30–40 million, mainly to spend on winning more customers
Why it matters
This would be its biggest round yet, after a $24 million raise led by Vertex Ventures in August last year
The details
- Kiwi is seeking $30–40 million in new funding.
- The money would go mainly to customer acquisition.
- It would be the fintech's largest round so far.
- The talks are at an early stage; no lead investor is named.
The bigger picture
- Credit on UPI is a fast-growing way to lend to Indian shoppers.
- A bigger round would help Kiwi compete for new card users.
About the business
- Kiwi sells a UPI credit card: a RuPay card that works like a bank account QR payment, so users pay shops with credit.
- It is built for everyday spenders who pay for groceries, food, travel and bills through UPI.
- It earns from card partnerships with banks (AU Small Finance Bank, PNB, YES Bank issue the cards), plus a paid Neon membership of ₹999 a year with higher cashback.
- Its pitch is a lifetime-free card with flat 1.5% cashback, which rises with the paid plan, and a single app to manage the card.
- It has 1.5 million+ users (2026) and is based in Bengaluru.
What happens next
- Kiwi will use the money to add customers once the round closes.
Investors
- Vertex Ventures (led the last round) — Singapore-based venture firm
- Nexus Venture Partners (existing investor)
- Stellaris Venture Partners (existing investor)
Founders
- **Mohit Bedi** is a co-founder of Kiwi, started in 2022.
- **Siddharth Mehta** is a co-founder of Kiwi, started in 2022.
About Kiwi
- Product
- An app that issues RuPay credit cards and offers credit lines linked to the UPI network.
- Customers
- Individual consumers seeking the convenience of UPI payments combined with credit card limits.
- How it makes money
- Partners with banks to issue co-branded credit cards and credit lines, earning transaction-based fees.
- What sets it apart
- Pioneered Credit-on-UPI, allowing users to make credit-backed payments at any UPI-accepting merchant.
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