Karbon Card Raises INR 55 Crore Debt Finance The fund raised will be used to empower and enable startups and SMBs with corporate credit cards
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Karbon Card, a corporate card provider and an emerging neobank for the new-age startups and SMBs, has raised INR 55 crore debt finance from Northern Arc Capital, UC Inclusive Credit Private Limited (UCIC) and Oxyzo financial services. The fund raised will be used to empower and enable startups and SMBs with corporate credit cards that they can use as a flexible growth capital. This is the first debt round Karbon has raised.
"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 startups and SMBs in India," said Kartik Jain, co-founder, Karbon.
Karbon offers startups with four benefits such as credit of up to INR 25 lakh with no personal guarantee, seamless payments through corporate cards, offers AWS credits at 12 per cent discount and offers expense management through WhatsApp. It currently provides corporate cards and expense management solutions to more than 2000 startups and SMBs, claimed by the company in a statement.
"Karbon being a new-age corporate bank is supporting small and medium enterprises and startups in their entrepreneur journey and SME finance is one of the impact focused areas as identified by UCIC," said Abhijit Ray, managing director, UCIC.
Founded in 2019 by Kartik Jain, Pei-fu Hsieh, Amit Jangir and Sunil Kumar, Karbon is a corporate payment platform that provides Visa-issued corporate cards and empowers the finance team to easily control and track the expenses for the whole company.