Fintech startup Kiwi raises $24mn in Series B funding led by Vertex Ventures SEA and India

Fund raise to accelerate product growth journey & strengthen unit economics, with target to issue 1 million RuPay cards to customers by 2027

Bengaluru, 25th August 2025: Kiwi, the fintech that pioneered Credit-on-UPI, has raised $24mn (INR 208 Crore) in its Series B funding round led by Vertex Ventures South East Asia & India, with participation from Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network. The fresh capital will be deployed to accelerate Kiwi’s growth journey, advance its product roadmap, and sharpen its focus on building sustainable unit economics.

The company aims to enhance the experience for its consumers by elevating its rewards program and introducing new features complementing its core offering. These include add-ons for credit cards and EMI enablement on UPI.

Founded by Siddharth Mehta, Mohit Bedi and Anup Agrawal, Kiwi is reimagining how Indians use credit by enabling seamless access to credit lines through UPI. Since its launch in 2023, 2 Lakh RuPay Credit Cards have been issued on Kiwi and over 5 Mn merchant transactions are being processed monthly across 600 cities in India. The company has partnered with YES bank and AU Bank and plans to onboard two more large banking partners within this financial year. Over the next two years, Kiwi aims to issue 1 million RuPay credit cards, reinforcing its position as a leader in the fast-growing Credit-on-UPI segment.

Anup Agrawal, Co-founder and CEO of Kiwi, said: “As credit on UPI gains momentum, our vision is clear - we want Kiwi to be the go-to-platform for users by delivering an unmatched experience across onboarding, payment convenience, and rewards. The fresh capital will enable us to double down on this commitment, supported by robust product innovations. In the long-term, we want to be at the forefront of shaping the ‘Credit-on-UPI’ category impacting the lives of millions in every corner of India.”

Kanika Mayar, Partner, Vertex Ventures SEA and India added: “We believe UPI credit card is a unique product marrying UPI’s deep penetration with India’s growing demand for card and credit products. We are excited by the team’s vision and execution and believe they are strongly positioned to grow into one of the leading  players driving credit cards adoption in India.”

The growth potential for Credit-on-UPI is immense. India today has over 350 million unique UPI users, nearly 8–10x the number of credit card users, and the acceptance network for Credit-on-UPI is estimated to be 35 times larger than that of traditional credit cards. By integrating UPI’s vast network with the flexibility of credit cards, Kiwi is enabling millions of consumers, especially those new-to-credit—to access credit in a way that is simple, secure, and widely accepted.

About Kiwi
Founded in 2022, Kiwi is a fintech platform that pioneered the concept of Credit-on-UPI in India. By combining the ubiquity of UPI with the benefits of RuPay credit cards, Kiwi enables customers to access credit seamlessly across millions of merchants. The company is backed by marquee investors including Vertex Ventures SEA & India, Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network.

About Vertex Ventures Southeast Asia & India
Vertex Ventures Southeast Asia & India is a leading early-stage venture capital firm focused on partnering with high-growth startups across Southeast Asia and India. With a strong network and strategic expertise, they have invested in successful companies such as Grab, FirstCry, Nium, Licious, Kissht, Kuku FM, and PatSnap, driving innovation and scaling businesses across various sectors.

Vertex Ventures Southeast Asia and India invests in high-growth startups seeking their first round of institutional venture capital funding in Southeast Asia and India. It has a long and strong track record of investing in early-stage startups and building global champions.

Like what you are reading? Subscribe to our monthly newsletter for more.

**For the latest news on Vertex Ventures SE Asia and India and our portfolio companies, follow us on Linkedin or **subscribe to our monthly newsletter.