Interropac Pvt Ltd, which operates fintech startup Karbon Card, on Tuesday said it has raised Rs 55 crore (around $7 million) in a debt financing round from Northern Arc Capital, UC Inclusive Credit Pvt Ltd and Oxyzo Financial Services Pvt Ltd.
The Bengaluru-headquartered platform plans to deploy the fresh capital to empower and enable startups and small and midsize businesses with corporate credit cards that they can use as flexible growth capital.
It provides visa-issued corporate cards (both virtual and physical) and empowers the finance team to easily control and track expenses for the whole company.
Currently, the firm claims to provide corporate cards and expense management solutions to over 2,000 startups and SMBs.
Karbon has recently launched a banking product for small businesses called Karbon PayOut to make vendor and salary payments easier and faster, it said in a statement.
“We believe that partnering with these stalwarts goes a long way in consolidating our credibility and presence in the new-age banking ecosystem. We will be allocating these funds to expand our customer base and become the preferred neo-banking partner for all startups and SMBs in India," said Kartik Jain, Co-Founder of Karbon.
“Karbon being a new-age corporate bank is supporting small and medium enterprises (SMEs) and startups in their entrepreneur journey and SME/MSME Finance is one of the impact-focused areas as identified by UCIC," said Abhijit Ray, Managing Director, UC Inclusive Credit Private Limited.
It also raised $2 million (around Rs 14.80 crore) in seed funding from a clutch of high-profile angel investors in 2020.