Bengaluru-based fintech startup Kiwi is looking to raise between $30 million and $40 million as it accelerates customer acquisition and expands its credit offerings through UPI and RuPay credit cards, according to people familiar with the matter.
The proposed fundraise would be Kiwi's largest since it raised $24 million in August 2025, in a round led by Singapore-based Vertex Ventures. The earlier round valued the company at around $100 million.
Kiwi Targets 600,000 Cards and Credit Lines
Kiwi is targeting approximately 600,000 cards and credit lines by March 2027.
The company had more than 311,000 cards and over 11,000 sanctioned credit lines as of August, according to ETtech. The new funding would support efforts to scale customer acquisition and expand the company's credit business.
Kiwi provides bank-issued RuPay credit cards that can be used for UPI payments, positioning the company at the intersection of India's rapidly expanding digital payments and consumer-credit markets.
Postpaid Product Drives Credit Growth
The fintech has also been expanding beyond traditional credit cards.
Kiwi launched its Postpaid product in June, offering customers cardless access to credit. Credit lines through the product increased more than 14 times in two months, rising from 802 in June to August, according to ETtech.
The company said approximately 40% of its credit-line customers do not have a credit card, highlighting the potential for cardless credit products to reach consumers who have not traditionally used credit cards.
Expanding Credit Through UPI
Kiwi has been building its business around the growing integration of credit and UPI payments.
In August, the company expanded its credit offering through a partnership with Yes Bank, adding credit-line capabilities to UPI. Kiwi has previously partnered with multiple credit-card issuers since launching in 2023.
The company has previously said it expects at least 5 million users to eventually access products such as credit lines on UPI and credit cards through its platform over the next five years.
Funding to Support Customer Acquisition
The proposed $30–40 million round comes as Kiwi seeks to scale its user base and expand its position in India's digital-credit ecosystem.
The company is backed by investors including Nexus Venture Partners and Stellaris Venture Partners, while its previous $24 million financing was led by Vertex Ventures.
If completed at the proposed size, the new funding would give Kiwi additional capital to invest in customer acquisition, product expansion and its growing credit infrastructure.
The Bigger Fintech Trend
Kiwi's fundraising plans reflect a broader trend in India's fintech market: the convergence of UPI, credit cards and digital lending.
UPI has become a major distribution channel for financial products, while fintech companies are increasingly using digital infrastructure to offer credit at the point of payment.
For Kiwi, the strategy is centered on making credit available through familiar digital payment experiences while expanding beyond traditional card-based products.
The proposed fundraise will therefore be closely watched as Kiwi works toward its March 2027 target and continues expanding its presence in India's growing digital-credit market.