Kaleidofin Private Limited is a neobank whose mission is to propel customers towards their real-life goals by providing intuitive and tailored financial solutions. Designed for the informal customer segment, Kaleidofin uniquely combines a tech and touch model to effectively reach out to its customers. It has network partnerships with over 35 institutions such as MFIs, Cooperative Banks, Corporate Houses and NGOs, who provide the last mile connect to the customers.
Kaleidofin today announced the launch of KaleidoPay, a suite of payment solutions that allow customers of NBFCs, who usually pay in cash, to get set up easily on digital payments. Samasta Microfinance Limited, a subsidiary of IIFL, with 1.2 million active customers across 16 states in India will be one of the first financial institutions to offer KaleidoPay to its customers as a service that will enable its customers to pay loan EMIs to Samasta.
Venkatesh N, Managing Director, Samasta Microfinance Limited, “We have been working with Kaleidofin for over 2 years and have seen the acceptance of their digital goal linked financial solutions services amidst our customers. We are excited about implementing digital payments through KaleidoPay. We believe inclusive digital payments that solve for the microfinance customer is the need of the hour with social distancing being the new norm. It will also drive long term operating efficiencies and allows our staff to devote more time to customer knowledge and building even deeper relationships with the customer.”
KaleidoPay focuses on digitising payments such as EMIs, savings contributions or insurance premium. Machine learning algorithms deployed in KaleidoPay, identifies common issues such as blurry picture or errors in filling mandates in real time for services such as Nach mandate set up. It helps customers/agents to rectify the problem immediately rather than waiting for the next visit.
Through KaleidoPay, institutions can activate digital payments and payment mandates for new and existing customers. It can also be activated mid-cycle for multiple loan cycles. KaleidoPay supports payment collection not only from customers who own smartphones but also customers who own feature phones. It is supported by almost all banks including customers holding bank accounts in Grameen Banks, Cooperative Banks, regional rural banks and other scheduled commercial banks. Also coming up under KaleidoPay is access to Bharat Bill Pay system for Kaleidofin’s network partners.
“MFIs in India serve approximately 56 million households. In the last few years, a majority of them have accessed and used a mobile internet facility for information or communication. Our field interactions with the customers indicate that there is a lot more awareness and willingness to adapt to new online experience- including financial services. We have been using Kaleidopay for 22 months and were pleasantly surprised to see that over 80% of our customer base continued to contribute towards their life goals, even during the crisis. This would not have been possible without the digital payment mechanism set in place via KaleidoPay.” Said Sucharita Mukherjee, Co-Founder & CEO, Kaleidofin Private Limited.
Kaleidofin has also tied-up with two other MFIs and is in talks with three other MFIs to implement KaleidoPay.