Credit-card-as-a-service Platform Hyperface secures $9 million in seed funding led by 3one4Capital
- ByStartupStory | July 14, 2022
Modern transaction credit platform Hyperface has announced that it has closed a $9 million seed funding round, which was led by 3one4Capital and included existing investors Better Capital and Global Founders Capital as well as new investors Flipkart Ventures, Groww, and Rebalance Angel Community.
Hyperface stated that it will put the money toward improving its credit cards as a service offering and hiring top talent. Famous angel investors including Kunal Shah, Amaara Capital, GFC, and Better Capital have already invested in the firm.
Ramanathan RV, CEO of Hyperface stated, “The concept of embedded finance and accelerating credit inclusion in India are both priorities for Hyperface. We consider it a great privilege to have joined forces with 3one4 Capital, Flipkart Ventures, Groww, and others on the path to the financial services industry’s next major evolutionary shift.”
According to Pranav Pai, Managing Partner of 3one4 Capital, the primary investor, “Credit card programme management is a particularly relevant fintech vertical that brings together several stakeholders to provide distinctive user experiences. The Hyperface team has used their extensive subject knowledge to create the industry’s leading platform. We are thrilled to collaborate with Ram and Aishwarya to advance this development in digital financial services.”
Aishwarya Jaishankar, co-founder of Hyperface said, “With just 5% of Indian consumers owning credit cards and the rising trend of embedded financing, co-branded credit cards are here to stay. We seek to empower banks and brands with the proper and compliant technology to launch and expand them.”
Also Read – Fintech firm Sewa Grih Rin raises $20 million funding led by Norway-based NMI
About Hyperface:
Aishwarya Jaishankar, a seasoned banker who led digital efforts at several banks, and Ramanathan RV, a former co-founder of Juspay, founded Hyperface in 2021 based in Bengaluru with the goal of streamlining the issuing of credit cards and pay later products at scale.
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