Money & Banking

Karbon Card expects to see 10x growth in Gross Transaction Value in December

Our Bureau Mumbai | Updated on November 25, 2021

The Y Combinator-backed fintech provides corporate credit cards to small businesses and startups

Karbon Card, a Bengaluru-based fintech specializing in corporate cards, said it would achieve an annualized Gross Transaction Value (GTV) of $300 million by the end of this year. In December, the company expects to have a 10x growth in its GTV at $25 million compared to the same period last year when Covid was at its peak.

"With our current growth rate (in terms of GTV), we could become one of the top 10 corporate card players (including banks) by Q1 of next year," said Kartik Jain, Co-founder of Karbon Card.

Founded in early 2019, Karbon has onboarded 1,500 corporates and startups so far and would be doubling the number of clients by Q3 2022 .

The Y Combinator-backed fintech provides corporate credit cards to small businesses and startups. Its card replaces personal credit cards for use by employees of corporates – companies give these cards to their employees for a variety of services, including meeting expenses related to travel, out-of-pocket costs, in the form of financial rewards, salaries, and other corporate use-cases. From the corporate perspective, these cards allow them to track expenses on a real-time basis.

Jain said that Karbon is also looking to increase the number of lending partners to the company's balance sheet (lending size) and thus achieve higher transaction levels.

“As a corporate card company offering cards to corporates, we want to be known as a 'Bank for Corporates', and also to gain the status of a Neo Bank, going forward. We want to expand our partnership with other lenders to cater to the planned products and increased usage on the cards." Jain added.

Published on November 25, 2021

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