Karbon Card, a fintech startup that provides corporate credit card services, has raised $1.2 million in a pre-series A round of funding that saw the participation of existing investors Orios Venture Partners along with MyAsiaVC. In a statement, Karbon Card said the funding will be used to launch a full-fledged Neo bank for corporates providing services to not only manage cards but also bank accounts, investments, and forex.
Founded in 2019 by Pei-fu Hsieh (from Taiwan), Amit Jangir, and Sunil Kumar, Bengaluru-based startup is India’s first corporate card tailored for startups. It offers the following features – Consolidates company expenses in one place, Offers interest-free credit, improving company cash flow, Provides rewards tailored for startups, and helping you spend smarter. Karbon Card is solving a fundamental challenge for startups – managing cash flow better while continuing to grow.
Karbon card closed its seed round of $2 million last year in March with Orios Venture Partners, Whiteboard Capital, Jitendra Gupta, Kunal Shah, Amrish Rau, and several global angel investors.
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Karbon Card claimed that it has crossed Rs 500 crore annualized volume run rate on cards, and has Cred, Unacademy, MyGate, Pharmeasy, Nazara, Blackbuck, and Bizongo among its thousand plus customers, speaking about investing into Karbon Card, Anup Jain, Managing Partner, Orios Venture Partners, said.
“India and South East Asia represent a market of almost $20 billion in corporate spending by tech startups and SMEs who find it unproductive to navigate the world of corporate banking for their all round needs. Karbon offers them a rafter of services that they need without the hassle of traditional banks.”
According to Karbon Card, it offers rewards and cashback where clients can save up to Rs 50 lakh based on spending. Currently, all users have saved Rs 10 lakh per annum at a minimum, it claimed. It has partnered with Mastercard for powering the credit card services on the platform, Md Sajidur Rahman, Partner, MyAsiaVC, said.