Credit-on-UPI fintech Kiwi raised $24 million in Series B funding led by Vertex Ventures, with participation from Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network, marking a new milestone in India’s fast-growing fintech landscape.

Kiwi’s $24 million Series B funding underscores the rising global interest of investors in credit-on-UPI. The fintech startup, launched in 2022 by Siddharth Mehta, Mohit Bedi, and Anup Agrawal, has already issued 200,000 RuPay credit cards and facilitates more than five million monthly merchant transactions across 600 Indian cities.

Backers Vertex Ventures, Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network see Kiwi as a leading force in bridging India’s vast UPI ecosystem with accessible credit solutions.

Focus on Profitability and Expansion

According to CEO Anup Agrawal, Kiwi will channel Series B capital toward customer acquisition, product development, and improving unit economics. The startup aims to achieve profitability within two years. Furthermore, it plans to issue one million RuPay credit cards by 2027 while onboarding two new banking partners in FY26, expanding beyond its current alliances with YES Bank and AU Small Finance Bank.

Credit-on-UPI remains a relatively untapped market compared to debit transactions. While India’s UPI network processes nearly INR 22 trillion in monthly savings account transactions, only about INR 18,000 crore comes from UPI-linked credit cards. Kiwi’s strategy focuses squarely on this gap.

By offering RuPay credit cards integrated with UPI, the company unlocks a 35-times larger acceptance network than traditional credit cards, giving it a strong competitive edge against rivals like LazyPay, OneCard, Uni, and Slice.

Product Roadmap and Future Plans

Kiwi plans to launch its creditline-on-UPI feature within the next six months, creating new options for users who want the flexibility of credit with UPI’s reach. The fintech startup also intends to accelerate its product roadmap, ensuring that its offerings remain relevant in India’s evolving digital payments ecosystem. The founders, each holding about 16.2 percent stake after Series A, are expected to dilute further as Series B funding reshapes ownership.

India’s fintech growth story continues to attract global capital. With over 350 million unique UPI users, nearly ten times the number of credit card holders, the opportunity to deepen credit penetration is immense. Kiwi’s Series B funding positions it at the heart of this transformation, reinforcing the view that fintech startups will drive the next wave of financial inclusion in the country.

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