Kodo, a corporate card startup, said on Thursday it has raised $8.7 million (Rs 63.6 crore) seed capital to expand its team and accelerate growth.
The company said the capital was secured from investors including Brex, Goat Capital, Pioneer Fund and other Silicon Valley players.
“Kodo has built an amazing foundation in India and we are looking forward to putting the full weight of our experience behind them,” said Henrique Dubugras, co-chief executive of Brex.
Kodo said that business collections and spends in India were witnessing a massive shift from cash to digital.
“Card spends on Kodo have grown 45% month on month for the last 12 months, leading to an 83x jump in transaction volumes,” it added.
Founded in 2017 by Deepti Sanghi and Gaurav Thapa, Kodo is a fintech startup focused on catering to corporate card and business to business payments needs of startups and small and medium enterprises.
“As early investors of the global fintech revolution, we were struck by the clarity of Kodo’s vision,” said Robin Chan, general partner of Goat Capital.
Firms using Kodo can issue multiple cards (both virtual and physical) to their team members.