In December, the company expects its GTVs to increase tenfold to $25 million compared to the same period last year, when the pandemic was at its peak.
With the economy improving and people returning to offices, Karbonn expects corporates and startups to increase their corporate spending. The company has sold more cards during the festive period (October to November) as corporate travel and gifting take center stage.
“With our current growth rate (in terms of gross transaction value), we can be among the top 10 corporate card players (including banks) by the first quarter of next year,” it said. Kartik Jain, co-founder of Karbonn Card.
Founded in early 2019, Karbonn has roped in 1,500 corporates and startups so far and will double the number of customers by the third quarter of 2022.
Y Combinator-backed fintech offers corporate Credit Card For small businesses and startups. Its card replaces personal credit cards for use by employees of corporations – companies give these cards to their employees for a variety of services, including meeting travel-related expenses, out-of-pocket costs, financial rewards, Includes salary and as. Other corporate use cases. From a corporate perspective, these cards allow them to track expenses on a real-time basis.
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Jain said Karbonn wants to increase the number of lending partners in the company’s balance sheet (lending size) and thus achieve higher transaction levels.
“As a Corporate Card Company offering cards to corporates, we wish to be known as the ‘Bank for Corporates’, and further achieve the status of a Neobank. We are looking forward to our partnership with other lenders. We want to expand our portfolio to meet the planned products and increase usage on the cards.”
Karbonn offers a collateral-free credit line spread of up to Rs 10 crore, depending on the size of the company. It also helps to offer expense management through WhatsApp and its primary focus customers are unicorns and small and medium enterprises (SMEs).
The company, which currently only has operations in India, said it serves everything from bootstrapped startups to unicorns. “45 startups joined the Unicorn Club last year, 20 of which are our customers.”
Since its inception, Carbon has raised nearly $17 million from marquee investors, including y combinator, Ramp, Rainfall Ventures, Oreos VP, and 2 AM.
Carbon offers Visa-issued cards that allow employees access to virtual and physical corporate cards and gives the finance team very tight control over an employee’s spending limit.