Y Combinator backs fintech startup Karbon Card

Fintech startup Karbon Card has raised an undisclosed amount in its growth capital led by Y-Combinator. The company has raised $3.5 million so far from investors such as Orios Venture Partner and US-based 2AM VC and is in the process of raising a more significant round in the next few months.

According to the Bengaluru-based startup, the proceeds will be used to expand its product design, recruiting plans, and operations.

Founded by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Sinha, Karbon Card allows entrepreneurs to obtain financing of up to Rs 5 crore with no fixed deposits or personal guarantees, as well as perks such as Amazon Web Series (AWS) credit, cost management through WhatsApp, and frictionless payment transactions using its corporate cards.

The firm claims to have surpassed a Rs 500 crore average annual volume run rate on cards, with over 1500 clients such as CRED, Unacademy, MyGate, Pharmeasy, Nazara, BlackBuck and Bizongo.

Last week, Y-Combinator backed an AI startup Synth and rent-to-own furniture startup Pabio as a part of its Summer 21 batch.