Mumbai: CARD91, a worldwide fee issuance infrastructure platform that powers B2B funds and lending on a card, on Monday mentioned that it has emerged out of stealth mode and raised $13 million in a pre-Collection A funding spherical, the corporate mentioned in a press release.
The corporate is based by Vineet Saxena, Ajay Pandey, and Kush Srivastava – repeat entrepreneurs from the commerce and funds business who’ve beforehand based know-how ventures together with Myntra, Mastiff and Quiklo.
The current funding spherical was led by Infinity Ventures, Point72 Ventures, Sabre Companions, EMVC, and Commerce Ventures together with marquee angel traders. Whereas in stealth mode, the founding crew earlier partnered with seed fintech traders led by US-India fund Emphasis Ventures (EMVC) and distinguished CEOs throughout the Indian know-how sector, the assertion mentioned
The corporate is constructing a plug-and-play fee issuance infrastructure that helps companies and banks launch co-branded playing cards and simplify enterprise funds.
Along with increasing its attain throughout India and internationally, the newly raised funds will permit the model to bolster its service providing and purchase new expertise.
The founders at CARD91 mentioned, “Digitization throughout industries has accelerated over the previous two years, and funds isn’t any exception. We imagine the subsequent 100 million customers in India will likely be accessing credit score by way of playing cards issued by manufacturers and companies. Launching card applications is a tough course of because it entails integrating with a number of gamers. Our purpose is to simplify this course of for companies by offering a plug-and-play resolution.”
They additional added, “Globally a whole lot of companies need to present embedded finance as a service, which has elevated the demand for such fee infrastructure gamers and seen an enormous curiosity from investor communities. We’re excited to seize a justifiable share of this large market alternative that the fee business represents globally. Having marquee fintech traders again us, strengthens our perception in our product.”
Supply: Live Mint