Bangalore based Fintech startup Karbon Card announced on 20.05.21 that it raised USD 1.2 Million in pre-Series A funds. The funding round was led by Orios Ventures Partners with the participation of MyAsiaVC.
Last year in March 2020 Karbon closed a funding round and raised USD 2 Million. In that round, the investors were Whiteboard Capital, Orios Venture Partners, and angel investors like Kunal Shah, founder, CRED, Jitendra Gupta, founder, Jupiter and Amrish Rau.
The company plans to use the raised amount in market expansion, operations and product development.
Words from Investors –
On this investment Md Sajidur Rahman, Partner, MyAsiaVC, said –
“Karboncard is solving a fundamental challenge for startups – managing cash flow better while continuing to grow.”
Speaking about investing in 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.”
As Jupiter the investment is done by Jitendra Gupta, Founder of Jupiter, said-
“I can see first hand that within a short span of a few months, Karbon Card has been embraced by many Indian start-ups. We see massive potential for this sector in India. I am not only an investor in Karbon Card but also an avid user of it.”
About Karbon Card –
Karbon Card was founded in 2019 by Amit Jangir, Bo Li, Jianwei Chen, Kartik Jain, Pei-fu Hsieh, and Sunil Kumar. The company provides a business credit card for small businesses and startups, which enables the customers to get corporate credit cards within a day without any guarantees and fixed deposits.
A corporate card is like a credit card that just has a few different functionalities. It is rolled out in partnership with different banks to provide financial support to the new startups.
Karbon Card gave a statement that funding will be used to launch a full-powered Neo Bank for the corporates providing services to not only manage the card but the account, forex and investments.
The company claims that it crossed the USD 68.5 Million annual volume rate of cards. It has Unacademy, Cred, Pharmeasy, Nazara (IPO recently), Blackbuck, MyGate, and Bizongo among its more than one thousand customers.
The company says that it offers cash backs and rewards that can save around USD 68.4K based on the amount spent. Currently, the current users have saved USD 13.1 K at minimum. It has also partnered with Mastercard for boosting credit card services on the company’s platform.
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
[…] this year KarbonCard raised USD 1.2 Million in pre-Series A funds. The funding round was led by Orios Ventures Partners with the participation of […]