Existing investors such as Global Founders Capital, Better Capital and new investors Flipkart The Venture, Grow and Rebalance angel communities participated in the funding.
The firm will use the funds to strengthen its credit card-as-a-service product with the aim of building a stronger team.
Found in 2021 by Ramanathan and veteran banker Aishwarya Jaishankar, hyperface Allows businesses to launch credit cards and pay for later-issuance products on a large scale through backend application programming interface (API)-integration.
The company said it allows businesses to present their salaries a few weeks later instead of 12-18 months as seen earlier.
“Hyperface is deeply committed to the idea of embedded finance and accelerated credit inclusion in India. We feel very fortunate to partner with 3one4 Capital, Flipkart Ventures, Grow and others towards transforming the financial services landscape,” Ramanathan said.
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Last week, the financial infrastructure provider
M2P Fintech announces acquisition of Bengaluru-based cloud-lending platform Finflux Introducing support for lending products including co-lending models and buy-now-pay-later (BNPL) products.
“Credit-card-program management is a uniquely valuable fintech Vertical that brings together multiple stakeholders to support different user experiences. The team at HyperFaces has used their deep domain expertise to build the definitive platform,” said Pranav Pai, Managing Partner, 3one4 Capital.
Recently, Hyperface in association with AU Bank launched a customizable benefit card – the AU LIT CARD –. The card allows credit card issuers and cobrands to create the right value proposition for their customers.
This comes in the form of Reserve Bank of India (reserve Bank of India) is watching
actively regulate the space and in April this year issued directions for issuance and conduct for debit, credit and co-branded cards.
“Hyperface’s capabilities are extremely relevant in the Indian context as digital companies seek to enhance the credit offering for customers. Backed by an experienced team, their offerings aim to reduce the time it takes for businesses to integrate fintech offerings,” said Ravi Iyer, senior vice president and head of corporate development at Flipkart.
Earlier, Hyperface
Investments raised from leading angels That includes Kunal Shah, the founder of Cred and venture capital firms such as Amara Capital, GFC and Better Capital.