Fintech Startup GalaxyCard Secures $450,000 Angel Funding
The funding will be used for scaling up the business and expanding its team to provide an enhanced customer experience
Fintech platform GalaxyCard, offering instantly approved credit cards, has recently raised a $450,000 angel funding round led by JITO and other marquee angel investors including Gopi Latpate, Samyakth Capital, and Anant Agarwal.
The acquired funding will be used for scaling up the business and expanding its team to provide an enhanced customer experience
According to CMIE (Center for Monitoring the Indian Economy), India has nearly 200 million people employed in blue-collar jobs; these people are in need of daily credit limit but due to the lower-income and extensive paperwork requirements, such people are not catered by the financial institutions. GalaxyCard focuses on making credit cards easily accessible to customers with a monthly income of less than Rs30,000, who are typically rejected by banks
GalaxyCardcustomers simply download the app and register for free online processing. Digital versions of PAN Card, Aadhar Card, and Bank Statements are used for instant verification. The digital credit card can be activated in under three minutes and offers no annual, subscription, or interest fees to the customers. This credit can be used to make online purchases and various payments, such as utility bills, phone recharges and even paying at roadside stalls.
Since its inception, the company has customers from over 700 towns across the country. GalaxyCard is growing its customer base by 50 per cent per month and plans to increase it by fivefold within next 4 months.
"We are very excited to have a very diverse and experienced investor community that has a faith in our vision and success so far. Their confidence in our team is paving way for us to scale exponentially. We aim to be the largest provider of digital cards in India catering to the blue-collar workers," said Amit Kumar, founder, GalaxyCard.
"The credit card reach in tier-II cities has been minimal. The financial inclusion of rural India is important for building Atmanirbhar Bharat. Galaxy with its proprietary technology is bridging this gap. The vision of GalaxyCard and their approach to tech-enabled lending is a key differentiator," added Sunil Kumar Singhvi, vice chairman, JITO Angel Network.
GalaxyCard plans to add more types of cards and for a wider audience. The different cards will cater to different categories of customers as per their financial needs and requisites. The startup has also launched a new feature that offers more time for due payment, thereby allowing a longer payback time to the user.