Karbon Card, a Bengaluru based fintech startup specialising in corporate cards, raised INR 55 Cr in a debt financing round from Northern Arc Capital, UC Inclusive Credit (UCIC) and Oxyzo Financial Services.
The funds raised will be used by the company to empower and enable startups and small and midsize businesses (SMBs) with corporate credit cards which they can use for the flexible growth of their capital.
This is the first debt round the Bengaluru-based company has raised. So far, Karbon has raised around $32 million in equity from global and marquee investors such as Ycombinator, Ramp, and Olive Tree Capital amongst others.
The startup was founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Kumar. The company offers corporate cards to small businesses, enterprises, corporates and startups. It provides varied expense management features such as petty cash management, expense report automation, prepaid cards for business expenses, travel expense management and others.
It also provides Visa-issued corporate cards (both virtual and physical) and empowers the finance team to easily control and track expenses for the whole company.
Kartik Jain, Co-founder of Karbon, said,
“We believe that partnering with these stalwarts goes a long way in consolidating our credibility and presence in the new-age banking ecosystem. We will be allocating these funds to expand our customer base and become the preferred neo-banking partner for all start-ups and SMBs in India.”
Karbon currently provides corporate cards and expense management solutions to over 2000 startups and SMBs at present.
Karbon has recently launched a banking product for such small businesses called Karbon PayOut to make vendor and salary payments easier and faster.