Mumbai: CARD91, a global payment issuance infrastructure platform that powers B2B payments and lending on a card, on Monday said that it has emerged out of stealth mode and raised $13 million in a pre-Series A funding round, the company said in a statement.
The company is founded by Vineet Saxena, Ajay Pandey, and Kush Srivastava – repeat entrepreneurs from the commerce and payments industry who have previously founded technology ventures including Myntra, Mastiff and Quiklo.
The recent funding round was led by Infinity Ventures, Point72 Ventures, Sabre Partners, EMVC, and Commerce Ventures along with marquee angel investors. While in stealth mode, the founding team earlier partnered with seed fintech investors led by US-India fund Emphasis Ventures (EMVC) and prominent CEOs across the Indian technology sector, the statement said
The company is building a plug-and-play payment issuance infrastructure that helps businesses and banks launch co-branded cards and simplify business payments.
In addition to expanding its reach across India and internationally, the newly raised funds will allow the brand to bolster its service offering and acquire new talent.
The founders at CARD91 said, “Digitization across industries has accelerated over the past two years, and payments is no exception. We believe the next 100 million users in India will be accessing credit via cards issued by brands and businesses. Launching card programs is a difficult process since it involves integrating with multiple players. Our goal is to simplify this process for businesses by providing a plug-and-play solution."
They further added, “Globally a lot of businesses want to provide embedded finance as a service, which has increased the demand for such payment infrastructure players and seen a massive interest from investor communities. We are excited to capture a fair share of this massive market opportunity that the payment industry represents globally. Having marquee fintech investors back us, strengthens our belief in our product."
