Karbon Card raises ₹55 crore in debt funding round from Northern Arc, UCIC and Oxyzo

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Emerging neo-bank and corporate card provider Karbon Card (Karbon) has raised ₹55 crore in a debt financing round from Northern Arc Capital, UC Inclusive Credit Private Limited (UCIC) and Oxyzo Financial Services. , the company announced.

Karbon will use the funds to empower and enable start-ups and SMEs to have corporate credit cards that they can use as flexible growth capital, he said.

UCIC, incubated by Unitus Capital, is an impact-focused non-bank finance company registered with the Bengaluru-based Reserve Bank of India, while Oxyzo is the lending arm of OfBusiness and is backed by Softbank.

This is the company’s first-ever debt financing round. So far, it has raised $32 million (approximately ₹240 crore) since inception, backed by investors including Ycombinator, Ramp, and Olive Tree Capital among others.

Founded in 2019 by Kartik Jain, Pei-fu Hsieh, Amit Jangir, and Sunil Kumar, Karbon is an enterprise payment platform and upcoming neobank for small businesses, enterprises, and start-ups.

Asset for the finance team

It provides visa-issued corporate cards (both virtual and physical) and enables the finance team to control and track company-wide expenses. It currently provides corporate cards and expense management solutions to over 2,000 start-ups and SMEs.

Kartik Jain, co-founder of Karbon, said, “We believe partnering with these stalwarts goes a long way in cementing our credibility and presence in the new-age banking ecosystem. We will allocate these funds to expand our customer base and become the preferred neo-banking partner for all start-ups and SMEs in India.

Managing Director of UC Inclusive Credit Private Limited (“UCIC”), Abhijit Ray, said: “Karbon, being a new era corporate bank, supports small and medium enterprises (SMEs) and start-ups in their entrepreneurial journey and SME/MSME financing is one of the areas targeted for impact as identified by UCIC.

Karbon also recently launched a small business banking product called Karbon PayOut to make supplier and salary payments easier and faster.

Published on

May 17, 2022


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