On July 13, 2022, Banglore, India-based credit card as-a-service startup Hyperface raised USD 9 million. 3one4 Capital led the seed funding round for the firm. Existing investors such as Global Founders Capital and Better Capital also joined in the investment. Meanwhile, new investors, including Flipkart ventures, Groww, and Rebalance Angel Community, participated in the round.
Utilization of Funds by Hyperface
With the latest capital infusion, Hyperface intends to strengthen its product offerings. Besides, the company seeks to build a strong team.
Currently, it has a workforce of 30 employees. However, the year-old company plans to grow its team size in the next 6-8 months. Hyperface will also focus on product innovation and business development.
Previously the company raised investment from prominent angel investors. In the earlier fundraising, Kunal Shah, Amaara Capital, GFC, and Better Capital backed Hyperface.
What the Co-founders have to say
“Hyperface is deeply committed to the idea of embedded finance and accelerating credit inclusion in India. We feel very fortunate to have partnered with 3one4 Capital, Flipkart Ventures, Groww and others towards changing the financial services landscape,” said Ramanathan RV.
Aishwarya Jaishankar, Co-founder, Hyperface, said, “With under 5 per cent of customers in India having credit cards and the growing trend of embedded finance, cobranded credit cards are here to stay, and we aim to empower banks and brands with the right and compliant technology to launch and scale them.”
What the Investors have to say
“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,” said Ravi Iyer, senior vice-president and head of corporate development at Flipkart.
“Credit card-program 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,” said Pranav Pai, managing partner, 3one4 Capital.
About the company
Ramanathan and veteran banker Aishwarya Jaishankar set up Hyperface in 2021. The company serves as a modern credit card infrastructure provider. It simplifies the process of launching credit cards and paying later issuance at scale. It makes it possible via API integrations. The company recently introduced an AU LIT card in association with AU Bank. The customizable card allows credit card issuers and cobrands to construct the right value proposition for their customers.
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