Bengaluru-based Karbon Card, a fintech startup helping entrepreneurs and startups with an interest-free corporate credit card, has now raised $15 million in a Series A funding round led by Olive Tree Capital, Harmony, and Avenir Growth Capital.
The round also saw participation from existing investors, including Ramp, Mercury, and Orios Venture Partners. Prior to the current round, The fintech startup had raised $12 million in October 2021, co-led by Y-Combinator, Sinai, Roka Works, Rainfall Ventures, among others. So far, it has raised around $32 million in its funding rounds.
Pei-fu Hsieh, Amit Jangir, Kartik Jain, and Sunil Sinha, co-founded Karbon Card in 2019. The startup is focused on providing financial services to entrepreneurs, enterprises, small businesses, and startups.
It offers services like small cash management, expense report automation, prepaid cards for business expenses, travel and expense management, employee flexible benefits, international travel cards, and digital marketing expense card to its corporate clients.
The company has four key benefits for startups: credit of up to Rs 5 crore with no personal guarantee or fixed deposits, seamless payments transactions through corporate cards, rewards specific to a startup’s requirements such as AWS credits with $50,000 or SaaS products, and expense management through WhatsApp in an intuitive way.
With this round of funding, Karbon Card will focus on foraying into the neobanking space, ramping up product development, and talent hiring for the growth of the company, the statement said. In 2021, Its gross transaction value was $30 million and now it expects to grow its GTV to $200 million per month in 2022.
It claims to have surpassed a Rs 500 crore average annual volume run rate on cards and has over 1500 clients such as CRED, Unacademy, MyGate, Pharmeasy, Nazara, BlackBuck, and Bizongo.
“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 2000 companies as happy customers and are determined to grow this by many times this year,” said Amit Jangir.