Karbon Card (Karbon), a fintech company specializing in corporate cards, has raised $15 million in a Series A led by Olive Tree Capital, Harmony and Avenir Growth Capital, and said it aims to become India’s first Neobank designed especially for the corporates.
Existing investors Ramp, Mercury and Orios Venture Partners also participated in the current round. The new round of funding comes in less than four months of the company raising a Pre-Series A of $12 million in September last year. With the current round, the total funding raised by Karbon stands at around $32 million. The startup, which counts Y Combinator as its early backer, will use funds to step up product development, hiring plans and operations as it transitions into India’s first corporate Neobank this year.
“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,” Karbon’s co-founder Amit Jangir said.
The Bengaluru headquartered company offers startups with four key benefits such as credit of up to Rs 5 crore with no personal guarantee or fixed deposits, provides seamless payments transactions through corporate cards to its customers, offers rewards specific to the startups’ requirements such as AWS credits with $50,000 or SaaS products.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 c ..