Mohit Bedi (Kiwi): 10 Key Things You Must Know

Overview

Mohit Bedi is a prominent fintech entrepreneur and co-founder of Kiwi, an innovative Indian fintech startup revolutionizing the credit card and digital payments space. Kiwi is notable for pioneering "Credit on UPI," a new way to use credit cards through the Unified Payments Interface (UPI) platform, enabling seamless digital payments via virtual RuPay credit cards. With a strong professional background in banking and fintech, Mohit has been instrumental in driving Kiwi's mission to expand credit accessibility to millions of users. This article explores key aspects of Mohit Bedi's career, Kiwi's innovation, and their impact on financial technology and digital payments in India.

1. Mohit Bedi's Professional Background and Expertise

Mohit Bedi has over two decades of experience in the banking and fintech sector, having held senior roles at major institutions including Axis Bank, PayU, Standard Chartered Bank, Barclays, Citi, and GE. He has excelled particularly in credit card product management and payments, serving as Head of Credit Cards at Axis Bank before co-founding Kiwi. His expertise covers portfolio management, credit risk, sales, product innovation, and customer experience. Mohit holds an MBA from Symbiosis Institute of Management Studies and is known for his strategic approach to digital lending and payments.

2. Kiwi: The Beginning of a Fintech Innovation

Founded in 2022 by Mohit Bedi, Siddharth Mehta (ex-CEO of Freecharge), and Anup Agrawal (ex-business head of LazyPay), Kiwi is a Bengaluru-based fintech startup focused on leveraging UPI to enable credit card payments. The company's mission is to amalgamate credit card benefits with UPI’s convenience by issuing instant virtual RuPay credit cards, allowing users to make credit transactions seamlessly via UPI at millions of merchants, including small and offline outlets.

3. The Concept of Credit on UPI and Its Significance

Kiwi was the first Indian fintech to launch "Credit on UPI" by obtaining certification as a UPI Third Party Application Provider (TPAP) from NPCI. This innovation allows users to link virtual RuPay credit cards to UPI IDs and make payments through QR codes, bank transfers, or scan-and-pay, transforming credit card usage from predominantly online or POS-based to ubiquitous, even in small kirana stores and street vendors. This has the potential to democratize credit access across India’s massive UPI user base.

4. Funding and Growth Trajectory of Kiwi

Kiwi has attracted significant investor interest; it raised $19 million over multiple rounds, including a $13 million Series A in November 2023 led by Omidyar Network India, with participation from Nexus Venture Partners and Stellaris Venture Partners. The startup currently has over 54 employees and operates across 586+ cities in India. Kiwi has issued more than 25,000 virtual credit cards and processed over 5.8 lakh merchant transactions, witnessing rapid adoption due to the vast growth potential in India’s fintech market.

5. Kiwi Customer Care Number and Support

While Kiwi offers comprehensive credit-on-UPI services, some users have reported concerns over customer support accessibility. The company provides in-app support through the "Need Support" section of its app. The official contact phone number listed is +91 81470 89992, but users have occasionally reported unresponsive lines. Kiwi encourages users to reach out via in-app support for resolution of queries related to transactions and card management.

6. Partnership with Axis Bank and Other Financial Institutions

Kiwi has partnered with Axis Bank to issue the Axis Bank KWIK virtual RuPay credit card, which can be used across the UPI network through Kiwi’s app. This collaboration has expanded the reach of credit on UPI, allowing users to enjoy credit card rewards combined with UPI’s convenient and fast payment system. Kiwi plans to onboard at least two more major banks by 2025 to further widen its credit offerings.

7. Impact on Small Merchants and Financial Inclusion

Mohit Bedi advocates that Kiwi’s technology benefits small merchants and underserved sectors by enabling credit payments where traditional POS machines are scarce. Approximately 85% of Kiwi’s transactions occur offline in smaller towns and cities, including Northeast India. By allowing credit transactions at street vendors and kirana stores, Kiwi creates income opportunities for merchants and brings more consumers into formal credit usage, advancing financial inclusion.

8. Competitive Landscape and Industry Influence

Kiwi competes with other digital credit platforms such as Slice, OneCard, and Uni Cards, but distinguishes itself by fully integrating credit card payments with UPI. This unique value proposition leverages India’s extensive UPI acceptance, estimated to have acceptance points 35 times larger than traditional credit card terminals. Led by Mohit Bedi's strategic vision, Kiwi has influenced major fintech players to innovate toward credit-on-UPI solutions.

9. Future Innovations and Services

Kiwi continues to innovate by launching value-added services such as complimentary airport lounge access for Kiwi users spending over ₹50,000 via credit-on-UPI transactions. The company is also working on introducing zero-percent EMI options on UPI, allowing users to convert their purchases into easy monthly installments. These lifestyle benefits are part of Kiwi’s wider strategy to become a super app offering seamless credit and payments backed by rich user rewards.

10. Challenges and Customer Feedback

Despite its rapid growth, Kiwi faces challenges including ensuring robust customer service and managing risks associated with lending at scale. Some customers have cited delays in support responses and difficulty reaching customer care. Ensuring timely support and responsible credit underwriting remain top priorities. Mohit Bedi and the Kiwi leadership emphasize that credit underwriting is managed in partnership with banks, adhering to regulatory compliance and credit bureau evaluations to mitigate potential defaults.

Conclusion

Mohit Bedi’s contributions to the fintech space through Kiwi are helping reshape the landscape of digital payments and credit access in India. By pioneering Credit on UPI, Kiwi unlocks the potential of combining credit card rewards with UPI’s convenience, benefiting millions of users and merchants nationwide. While challenges remain, Kiwi’s innovation, supported by experienced leadership and strategic partnerships, points toward a future where credit and digital payment systems are more accessible, inclusive, and user-friendly. The evolving journey of Kiwi raises an intriguing question: how will the integration of credit with ubiquitous payment networks redefine financial behaviors and inclusion in India’s digital economy?