Kikoff

Kikoff provides credit-related products to individuals via a web portal and a mobile app. The company’s primary goal is to aid customers in building and improving their credit history and mainly targets the low to mid-income groups. The platform enables customers to create accounts instantly and does not require credit checks.

The company’s core product is the ‘Kikoff Credit Account’, a credit building facility. Under this, customers are given a credit line worth USD 500, which they are able to spend on various products that are available via an online store (which mainly offers e-books and other products aimed at improving financial literacy) on Kikoff’s platform. Following this, the platform sends customers reminders on payments that need to be made to settle their credit balance on a monthly basis, and every on-time payment contributes to improving a customer’s credit score and is directly reported to credit bureaus. Further, the platform enables customers to keep track of their remaining balances and credit scores via their account. Credit scores are calculated based on a customer's payment history, credit utilization, and account age. The company claims that the usage of its platform can improve an individual’s credit score within a minimum of 45 days.

Kikoff Credit Accounts are offered free of charge with no administrative or annual fees. The company also offers a secured credit card, with maximum APRs ranging between 17-23.74%. The card also includes administrative fees of USD 9 and annual fees between USD 25-35.

Funding and financials

In June 2021, the company raised USD 30 million in Series B funding led by Portage Ventures. The funding will be used to expand the company’s operations and expand its workforce.