Karbon Card raises Rs 55 crore as debt finance from Northern Arc, UCIC & Oxyzo

• ByStartupStory     |    May 18, 2022

Karbon Card is a Bengaluru-based fintech platform that has raised Rs 55 crore in a debt financing round from investors like Northern Arc Capital, UC Inclusive Credit (UCIC) along with Oxyzo Financial Services. The funds would be further utilised to encourage and enable the startups with small and midsize businesses (SMBs) to have corporate credit cards that can be used to provide flexible growth capital.

Earlier, the company raised $32 million in equity from Ycombinator, Ramp and Olive Tree Capital, among others and this round is its first debt round. The company stated that the debt round from renowned financial firms like Northern Arc Capital assumes significance as it enhances the trust among various startups and SMBs. 

The company was founded by Kartik Jain, Pei-fu Hsieh, Amit Jangir as well as Sunil Kumar in 2019, as a corporate payment platform with an upcoming neobank for small corporates, businesses and startups. Karbon card offers four key features credit up to Rs 25 lakhs in cash leaving no personal guarantee, and seamless payments with rewards related to the startup through corporate cards.

Kartik Jain, the co-founder of the brand said that partnering with the stalwarts would go a long way in consolidating the credibility along with the presence in the new ecosystem. The company would allocate the funds to increase its customer base and become the preferred neobanking partner for almost all startups. Karbo also has recently launched its banking product for small businesses called Karbon PayOut to facilitate the vendors and make salary payments easy and quick.

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