Karbon Card, a fintech startup focused on corporate cards, has raised $12 million in its pre-Series A round led by US-based fintech firm Unicorn Ramp, Rainfall Ventures, Roka Works and Y Combinator. Other global investors also participated.
According to the Bengaluru-based startup, the funds will be used in product development and hiring plans and operations. It also plans to double its headcount to 60 over the upcoming six months.
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 month, Y Combinator had led an undisclosed round in Karbon.