Monday, September 26, 2022
HomeInsightFunding Alert Fintech Startup Karbon Card Raises Rs 55 Cr Debt Finance Round

[Funding alert] Fintech Startup Karbon Card Raises Rs 55 Cr Debt Finance Round

Fintech Startup Karbon Card
Fintech Startup Karbon Card

Fintech startup Karbon Card has raised Rs 55 crore in debt financing round from Northern Arc Capital, UC Inclusive Credit (UCIC) and Oxyzo Financial Services.

The startup plans to use the funds to empower and enable startups and small and medium-sized businesses (SMBs) with corporate credit cards, which they can use as flexible growth capital.

The Bengaluru-based Karbon Card was founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Kumar, It offers corporate cards to small businesses, enterprises, and corporates and startups.

The fintech also offers various expense management features such as Paytm cash management, expense report automation, prepaid cards for business expenses, travel expense management, etc.

It currently provides corporate card and expense management solutions to over 2,000 startups and SMBs.

Karbon also provides Visa-issued corporate cards (both virtual and physical) and empowers the finance team to control and track company expenses.

“We believe that partnering with these stalwarts goes a long way in consolidating our credibility and presence in the new-age banking ecosystem. We will be allocating these funds to expand our customer base and become the preferred neo-banking partner for all startups and SMBs in India”, said, Kartik Jain, cofounder of Karbon Card.

The company claims to offer the startup four key benefits such as cash up to Rs 25 lakh without any personal guarantee or fixed deposit, providing seamless payment transactions through corporate cards to its customers. It also offers rewards specific to startup needs such as AWS Credit 12% discount or on SaaS products and helps to offer expense management through WhatsApp in a seamless manner.

The fintech startup has also launched a banking product called Carbon Payout for small businesses to make vendor and salary payments easier and faster. Earlier this year, Karbon Card had raised $15 million in its Series A funding round from Olive Tree Capital, Harmony and Avenir Growth Capital.

About Karbon Card

Karbon Card is a B2B payment solution for India’s finance leaders, entrepreneurs, business owners and corporate executives. They serve 1500+ teams teams across India, including decorated companies and tech unicorns. Karbon Card offers up to 15Cr free credit, no personal guarantee, unlimited employees cards for free & more. Karbon Payout offers vendor payment on credit, 24/7 payout, bulk processing, invoice management & more.

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