Credit-card-as-a-service platform Hyperface raises $9M led by 3one4 Capital, others

ISN Webteam
13 Jul 2022
Credit-card-as-a-service platform Hyperface raises $9M led by 3one4 Capital, others

Photo Credit - Hyperface

Bengaluru-based Hyperface, a credit card infrastructure provider, has raised $9 million in a seed funding round led by 3one4 Capital, along with the participation from Global Founders Capital, and Better Capital, and new investors Flipkart Ventures, Groww, and Rebalance Angel Community.

Ramanathan RV and veteran banker Aishwarya Jaishankar co-founded Hyperface in 2021. The startup says it allows businesses to launch credit cards and pay later issuance products at scale through backend application programming interface (API)-integrations.

According to the statement, the raised capital will be used towards strengthening its credit-cards-as-a-service product and building a strong team. The startup also said it allows businesses to launch their pay later offerings in a matter of weeks instead of 12-18 months as seen previously.

Hyperface claims to take away all the technical gruntwork of backend API integrations and red tape to reduce time-to-launch 10X. With Hyperface, brands can custom-build their own credit programme in "a matter of weeks".

Speaking on the development, Ramanathan RV, said, "Hyperface is deeply committed to the idea of embedded finance and to accelerate credit inclusion in India. We feel very fortunate to have partnered with 3one4 capital, Flipkart Ventures, Groww, and others in a journey towards the next big evolutionary change in the financial services landscape."

Pranav Pai, Managing Partner, 3one4 Capital, the lead investor, said, “Credit card programme management is a uniquely valuable fintech vertical that brings together multiple stakeholders to support differentiated user experiences. The team at Hyperface has channelled their deep domain expertise to build the definitive platform in the space. We are excited to partner with Ram and Aishwarya on their journey to drive this evolution in digital financial services.” 

Hyperface recently launched AU LIT card, a customisable credit card in partnership with AU Bank. The LIT card has been powered by the Hyperface Smart benefits engine, a proprietary innovation that allows credit card issuers and cobrands to construct the right value proposition for their customers.

Speaking on the investment, Ravi Iyer, Senior Vice President and Head, Corporate Development, Flipkart, Flipkart is committed to encouraging businesses that have the potential and support their growth to help expand the digital commerce industry in India."

“Hyperface’s capabilities are extremely relevant in the Indian context as digital companies increasingly seek to enhance credit offerings for customers. Backed by an experienced team, Hyperface’s offerings seek to reduce the time taken for businesses to integrate fintech offerings in a seamless manner, and we are pleased to be able to support them as they grow,” Ravi adds.

Also Read:

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.