Corporate Credit Card startup Karbon Card raises $1.2m pre-Series A funding

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Corporate Credit Card startup Karbon Card, which offers 24-hour sign-up Corporate Credit Card for small businesses and Startups, announced that it had raised pre-Series A funding.

Existing investors Orios Venture Partners also participated in the round along with MyAsiaVC and investors globally. Karbon card closed its seed round of $2M last year in March with Orios Venture Partners, Whiteboard Capital, Jitendra Gupta, Kunal Shah, Amrish Rau and several global angel investors. 

According to Pei-fu, Co-founder Karbon Card, the funding will be used to launch full fledged Neo bank for corporates providing services to not only manage corporate credit cards but also bank accounts, investments and forex.

The funding will also be used to focus on ease of access so that SMEs and Startups can get a corporate credit card through an online only application process within one day and also on simplicity where anyone from an intern to a CFO can use it but has the entire feature set to support fast growing organizations including multi-card, personal and team level controls, merchant blacklisting, spend analytics and vendor payments.

Founded in 2019 by a cross -border team from Asia and India consisting of Pei-fu Hsieh (from Taiwan),  Amit Jangir, Sunil Kumar and Kartik Jain from India, Karbon Card is a corporate credit card startup that is registered out of Singapore and has operations based in Bengaluru. It that is focussed on small businesses and startups, enabling them to access corporate credit card within 24 hours without any fixed deposits or guarantees.

The startup, which has crossed Rs 500 Cr Annualized Volume Run Rate on cards, has Cred, Unacademy, MyGate, Pharmeasy, Nazara (IPO recently), Blackbuck and Bizongo among its thousand plus customers.

On the services, Tushar Nagori of Pharmeasy states that

Karbon has the best cashback for corporate credit cards. Unlike banks who either limit the cashback or confuse customers with complex reward systems, Karbon keeps it simple. Their cashback is unlimited and given straight back.

Kartik Sheth, CEO of Foxy compares Karbon Card to traditional banks as

It’s the same as the difference between a professional dentist and pulling your own tooth using a plier. Our bank’s corporate credit card department did not even know us as an existing customer and asked us to go through the full process with lots and lot’s of paperwork. They forced us to link our fixed deposit to the credit limit. Changing corporate credit card limits later is a pain with lot’s of documentation. With Karbon, all of the above are simple and immediate.

Angel Investor Jitender Gupta states,

I have been a very happy customer and fortunately investor of Karbon. They have built a corporate credit card product that is much needed by Indian startups and companies. This gap existed for the last decade and no bank has been able to fill this gap.

On the investment, Md Sajidur Rahman, Partner, MyAsiaVC, says,

Karboncard is solving a fundamental challenge for startups – managing cash flow better while continuing to grow, and MyAsiaVC is proud to be part of the journey.

On the investment, Anup Jain, Managing Partner, Orios Venture Partners stated “ India and South east Asia represent a market of almost $20bn 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”

At present, Karbon Card offers rewards, cashback where clients can save upto 50 L based on corporate credit card spends. Currently all users have saved 10 L per annum at a minimum.  Karbon Card has partnered with Mastercard for powering the credit card services on the platform. Founder Amit Jangir also states that they are extremely proud of the NPS being North of 80 verifies our mission statement and direction of pursuit. 

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