Karbon Card

Cards can be used within 24 hours of issuance and require no fixed deposits and guarantees, addressing that banks ask for fixed deposits, guarantee and all kinds of documents.

Allows entrepreneurs to obtain financing of up to Rs 5 crore with no fixed deposits or personal guarantees.

Settlement to beneficiaries' account in 4-8 hours, with lowest transaction charges across India and markup starting at 0.1%.

Corporate cards to Indian startups with funding of at least INR 25 Lakh.

Corporate cards and expense management solutions to over 2,000 startups and SMBs.

Serves exporters (collect USD payments from global clients), importers (overseas purchases and payments), freelancers, D2C ecommerce, and Amazon/Walmart resellers via its cross-border payments product.

New sign-ups get personal onboarding support rather than a fully self-serve flow: Karbon's team reaches out directly to walk customers through account setup.

Day-to-day account management runs through a personalized, self-service online dashboard where customers track and control their own spending rather than relying on an assigned human account manager.

For its forex/remittance product, Karbon offers a dedicated foreign payment specialist that customers can speak to directly, alongside WhatsApp and email as contact channels.

Hassle-free digital sign-up process via the company's own website/app, with a personalised dashboard.

Issues and processes ongoing corporate card transactions for its client base; by February 2022 the company had surpassed a Rs 500 crore average annual transaction volume run rate on its cards.

Operates outward/inward forex remittance processing for exporters, importers and freelancers, including handling compliance paperwork such as 15CB certification on customers' behalf.

Runs the vendor-payments and invoicing workflow that sits on top of card issuance -- customers report receiving vendor invoices directly inside the Karbon dashboard -- alongside the automated expense-reporting layer.

Karbon built its own dashboard and card-issuance software that provides real-time expense tracking with automated reporting and budget controls, rather than white-labeling a third-party platform.

The platform integrates with common business software -- Slack, Notion, Google Drive and Intercom -- extending the core card/expense platform into customers' existing workflows.

Card issuance and payment flows run only through PPI/PACB-licensed, RBI-regulated banking partners, giving Karbon the compliant money-movement infrastructure it needs without being a bank itself.

Co-founder and CEO Pei-fu Hsieh brings over a decade of PE/VC experience (Kleiner Perkins, 01VC), a McKinsey background, and prior startup-building work (Zalora, Easy Taxi, Groupon with Rocket Internet); Y Combinator's profile (Summer 2021 batch) lists the team at 144 people.

Lender in Karbon Card's Rs 55 Cr debt financing round.

The lending arm of OfBusiness and is backed by SoftBank; lender in the debt round.

An impact-focussed Non-Banking Financial Company registered with the Reserve Bank of India (RBI); lender in the debt round.

Karbon states it works only with PACB-licensed players and regulated banks; IDFC First Bank is displayed as a banking partner on its site.

Charges a markup starting at 0.1% on foreign payment collection/remittance, positioned as lower fees than traditional banks.