Kiwi Raises USD 24 Mn in Series B Funding Led by Vertex Ventures SEA and India Existing investors Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network also participated in the round.

Fintech startup Kiwi has secured USD 24 million in its Series B funding round, led by Vertex Ventures South East Asia and India.

Existing investors Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network also participated in the round.

The company said the capital will be used to strengthen its product roadmap, improve unit economics, and accelerate growth.

Founded in 2022 by Siddharth Mehta, Mohit Bedi, and Anup Agrawal, Kiwi provides access to RuPay credit cards on UPI. This integration allows users to benefit from the flexibility of credit while leveraging UPI's wide merchant acceptance network. The platform currently enables features such as rewards programs and plans to introduce additional services including add-ons for credit cards and EMI options on UPI.

Since its launch, Kiwi claims to have issued over 200,000 RuPay credit cards and now supports more than five million merchant transactions every month across 600 cities. The firm has partnered with YES Bank and AU Small Finance Bank and is in discussions with two more banks to expand its offerings. By 2027, Kiwi aims to issue one million RuPay credit cards.

The latest funding comes as fintech firms intensify their efforts to widen credit access through UPI. India has over 350 million unique UPI users, significantly higher than the country's credit card base. The acceptance network for credit on UPI is estimated to be much larger than that of conventional credit cards, creating opportunities for startups like Kiwi.

According to startup intelligence platform TheKredible, Mehta, Agrawal, and Bedi each held about 16.2 percent stake in Kiwi after the Series A round, while Nexus Venture Partners was the largest external investor. The extent of stake dilution in the new round remains to be seen.