Carbon Card, a start-up that provides corporate cards and has raised Rs 55 crore in a loan financing round from Northern Arc Capital, UC Inclusive Credit (UCIC), a new age start-up and an emerging neobank for small and medium businesses. Oxyzo Financial Services.
The Bangalore-based UCIC is an impact-centric non-banking financial institution, founded by Unitas Capital, registered with the Reserve Bank of India and supported by the lending arm of Oxyzo Hall of Business and Softbank.
Meanwhile, Karbonn will use the funds to empower and enable start-ups and SMBs, including corporate credit cards, which they could use as a flexible growth capital. Bangalore-based start-ups currently provide corporate card and cost management solutions to over 2,000 start-ups and SMBs.
This is the first loan round for Carbon, which has so far raised about $ 32 million in equity from global and marquee investors such as Ycombinator, Ramp, and Olive Tree Capital.
Founded in 2019 by Kartik Jain, Pei-Fu Sih, Amit Jangir and Sunil Kumar, Karbonn is a corporate payment platform and an upcoming neobank for small businesses, corporates and start-ups. It provides Visa-issued corporate cards (both virtual and physical) and empowers the finance team to easily control and track the costs of the entire company.
Karbonn offers startups with four key benefits, including a cash credit of up to Rs 25 lakh with no personal guarantee or fixed deposit, seamless payment transactions with its customers through corporate cards, and specific rewards for start-up requirements such as AWS credit. 12 percent discount or SaaS products. Finally, it helps to offer cost management through WhatsApp in a very intuitive way.
Carbon wants to help start-ups and SMBs whose banking experience is extremely broken because banks don’t think their services are big enough. Recently, it has launched a banking product