Kiwi Raises $24M Series B to Power UPI Credit Card Revolution

Kiwi, a Bengaluru-based fintech startup, has raised $24 million in a Series B funding round led by Vertex Ventures to expand its UPI-linked RuPay credit card services across India

The startup, founded in 2022 by Siddharth Mehta, Mohit Bedi, and Anup Agrawal, offers digital RuPay credit cards that can be linked directly to UPI accounts, allowing smooth credit-backed transactions for everyday purchases

Investors in this funding round include Nexus Ventures, Stellaris Venture Partners, and Omidyar Network, contributing to Kiwi's total funding of approximately $43 million

Kiwi has processed 580,000 merchant transactions across 586 Indian cities, indicating a growing consumer interest in credit-backed UPI payments

India’s payments ecosystem is rapidly transforming, with 16% of credit card spending occurring on the RuPay network, and half of these transactions routed via UPI, highlighting the significance of Kiwi's offerings

The rise of Kiwi aligns with increasing smartphone use, internet penetration, and consumer comfort with digital financial products, positioning it strategically within the evolving market

India's fintech market is expected to reach $21 trillion by 2030, driven by innovative solutions like UPI-linked credit cards that bridge traditional and digital financial systems.

Competition in the fintech space is intensifying, with companies like Zaggle entering the consumer credit card segment, underscoring the market's attractiveness

Kiwi plans to use the new funding to enhance technology, acquire users, and explore new banking partnerships, aiming to strengthen its presence in Indian cities

The founders believe that UPI will become a gateway to responsible credit in India, and Kiwi is poised to be a key player in this digital credit revolution