Fintech company Kiwi has raised $23 million in its Series B funding round led by Vertex Ventures Southeast Asia & India.

The funding round saw participation from Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network, it said in a statement.

The startup will use the fresh capital to improve its unit economics, boost its customer acquisition and accelerate its product roadmap.

Founded in 2022 by Anup Agrawal, Mohit Bedi, and Siddharth Mehta, Kiwi helps users to make UPI payments via RuPay credit cards. 

"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," said Agrawal, co-founder and CEO, Kiwi.

Earlier in November 2023, the company had raised $13 million in its Series A funding round.

Other venture capital backed players in the space include Slice, OneCard and Uni.