Kiwi, a credit card platform launches credit on UPI solution for customers. Certified by the NPCI, Kiwi is the first app in India that will help customers experience “Credit on UPI” by issuing Rupay Cards in partnership with banks. With this launch, Kiwi aims to create one of the largest direct-to-consumer (D2C) models in the credit market through its cutting-edge mobile application, which offers users the ability to make payments using either a credit card or bank account directly through their phones in a secure manner.
The company has raised $6 million in pre-seed funding from marquee investors - Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors. Kiwi has been co-founded by senior fintech experts and banking industry veterans, Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank & PayU), and Anup Agrawal (ex-business head, LazyPay).
Speaking about the launch, Siddharth Mehta, co-founder, Kiwi, said, “UPI has become the most inclusive mode of payment in India, with over 30 crore unique users and 5 crore merchants onboarded on the platform. With the launch of Kiwi app, for the first time in India, users can now leverage the power of a (RuPay) credit card with the convenience and ease of UPI. Our vision is to enable access to credit on UPI for 1 million users over the next 18 months.”