Startup Card91 Raises $13M in Pre-Series A

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Global payments issuance infrastructure platform Card91, which powers B2B payments and lending on a card, has announced a $13 million pre-Series A funding round, according to a YourStory report on Wednesday. March 30.

Card91, created in August 2020 by founders Vineet Saxena, Ajay Pandey and Kush Srivastava, builds a plug-and-play payment issuance infrastructure, enabling businesses and banks to deploy co-branded cards.

“Having big-name investors backing us strengthens our confidence in the product,” the founders said, according to the report. “The funding raised will be used to expand our issuance product offerings and reach out to multiple businesses across India and begin our international foray. It will also help build the strength and capabilities of our team and launch related ancillary products.

Saxena, Pandey and Srivastava also said digitalization has accelerated in recent years for a variety of industries, including payments.

“We believe that the next 100 million users in India will have access to credit through cards issued by brands and businesses,” the founders continued. “Launching card programs is a difficult process because it involves integration with multiple players. Our goal is to simplify this process for businesses by providing a plug-and-play solution. »

The report notes that the round was led by Infinity Ventures, Point72 Ventures and Saber Partners, with further participation coming from Emphasis Ventures (EMVC), Commerce Ventures and high profile FinTech angel investors.

In other related B2B news, earlier this month, PYMNTS wrote that Funding Circle has permanently banned new investors from its retail platform.

Read more: Business Lender Funding Circle Shuts Retail Platform to New Investments

The decision was announced as the company shared its results, showing how the peer-to-peer (P2P) lending industry has struggled following additional scrutiny and the continued effects of the pandemic.

“There has been a big change; the industry has shrunk dramatically,” said chief executive Lisa Jacobs, adding that it had been “a pretty tough decision.”

P2P lending has been the subject of a crackdown in the UK for years, with the Financial Conduct Authority setting new rules from 2019.

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