YCombinator-backed fintech platform Karbon Card, operated by Interropac Pvt Ltd, on Wednesday said it has secured $15 million in a Series A round led by Olive Tree Capital, Harmony and Avenir Growth Capital.
The fundraise also saw participation from existing investors Ramp, Mercury and Orios Venture Partners.
The Bengaluru-headquartered platform said so far it has raised $32 million. It plans to deploy the fresh funds to upgrade product, onboard more talents and scale operations.
The company also looks for a transition to a neobanking platform for corporate.
Founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Sinha, Karbon Card claims to offer an expense management platform for small businesses, enterprises, corporates and startups.
The platform provides services such as small cash management, expense report automation, prepaid cards for business expenses, travel and expense management, employee flexible benefits, international travel cards, digital marketing expense card.
The company said that it is venturing into the neobanking space as it is witnessing a growth in safety and demand for secured products and services.
“We are extremely delighted to close our Series A because it means we now have the resources to build an even more compelling product and service to all our current and future customers. We now have more than 2,000 companies as happy customers and are determined to grow this by many times this year,” said Amit Jangir, Co-Founder, Karbon Card.
Karbon Card claimed to have closed 2021 with a monthly gross transaction value (GTV) of $30 million and said it aims the GTV to grow to $200 million per month in 2022 with credit demand picking up pace.
The company said further claimed that it offers startups with a credit of as much as Rs 5 crore, without personal guarantee or fixed deposits.
Karbon Card also offers payments to its customers via corporate cards and Whatsapp.
The platform offers rewards to startups such as AWS credits with $50,000 or SaaS (software-as-a-service) products, basis their requirements.
“The adoption for corporate cards in India is still nascent compared with developed markets, and as the market leader, we expect Karbon to introduce corporate cards to tens of thousands of Indian companies in the near term and beyond,” said Nick Eliovits, Managing Partner of Olive Tree Capital.