Bengaluru | August 2025 – Fintech startup Kiwi has closed a ₹208.5 crore (approximately $24 million) Series B funding round led by Vertex Ventures, with participation from Nexus and possibly other existing backers.
Supercharging Credit on UPI
Founded in 2022 by industry veterans Siddharth Mehta, Anup Agrawal, and Mohit Bedi, Kiwi empowers customers to access virtual RuPay credit cards that integrate directly with UPI apps like Google Pay and PhonePe.
The startup’s full-stack platform working with Axis Bank and NPCI reinvents the credit experience on UPI, offering seamless digital credit at scale.
What’s Ahead
This fresh capital will fuel Kiwi’s mission to mainstream credit on UPI, expand its product offering, and further scale operations across India. With an estimated post-money valuation north of $100 million, the company is becoming a serious player in in-app lending.
Why It Matters
UPI is already ubiquitous in India what Kiwi is adding is credit through virtual, UPI-linked cards. This unlocks new user behaviors, drives financial inclusion, and sets up the next wave of embedded finance opportunities. For fintech founders, Kiwi’s rise signals where innovation and regulation converge.
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