Karbon Card has raised $12 Mn in Pre-Series A round from US-based fintech unicorn Ramp. along with Rainfall Ventures, Roka Works, and Y Combinator among others. Y Combinator had earlier raised $3.5 Mn from Orios Venture Partner and US-based 2AM VC.
Based in Bangalore, India. It was founded in the year 2019 by Amit Jangir, Bo Li, Jianwei Chen, Kartik Jain, Pei-fu Hsieh, Sunil Kumar. Karbon Card is a financial platform and a corporate credit card built for entrepreneurs by entrepreneurs.
The prime objective of Karbon is to empower Indian startups by creating the right financial products starting with a high-limit corporate credit card with unlimited benefits, no personal liability, and no fixed deposit. it is like a corporate bank—without the fees, limits, or waiting. Get a business account, multiple corporate cards, and payment instruments in minutes. Karbon is a new-age corporate bank built specifically for Indian companies.
The fintech, which makes money mostly off interchange fees, aims to solve a major problem for small businesses and startups by replacing the use of personal credit cards for company usage with corporate cards.
Using personal credit cards for company usage affects personal credit score, reimbursement hassles, and creates confusion to segregate personal and corporate expenses.
The startup reported a 30% month-on-month increase in revenue, despite a pandemic that drastically slowed corporate spending with 1,500 clients in less than two years after launch. It is expected to grow 35% month-on-month in the next 8-12 months.
“We use a bank’s corporate card that requires a 110% deposit guarantee, a personal guarantee, and a large amount of paperwork to solve the major challenges facing Indian start-ups and small businesses. Karbon’s corporation The card removes all these hurdles and provides a solution. 5 minutes. “