Total amount raised
$14 Million
Latest funding date
03/01/2022
Location
Card91 has successfully raised funding through three rounds, attracting investments from notable firms such as Sabre Partners, EMVC, Infinity Ventures, and Point72 Ventures. The company offers a plug-and-play payment infrastructure service, enabling businesses to issue, control, view, and approve payments seamlessly.
Card91's platform supports a range of payment solutions, including prepaid cards, forex cards, UPI switch, and credit card management systems. Keep reading to explore the intricacies of Card91's fundraising journey and the investors backing this innovative platform.
What Is Card91?
Card91, based in Bengaluru, Karnataka, India, operates in the banking, financial services, fintech, and software industries. The company employs between 51-100 people and offers a plug-and-play payment infrastructure service for businesses to issue, control, view, and approve payments.
Card91 provides a comprehensive platform for managing various payment instruments, including prepaid, debit, credit, and forex cards. The company's solutions are designed to be scalable, customizable, and compliant with regulatory frameworks, making it a trusted partner for banks, NBFCs, and other regulated entities.
How Much Funding Has Card91 Raised?
- Pre-Seed Round
- Amount Raised: USD 1,000,000
- Date: December 2020
- Lead Investors: EMVC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and support early-stage operations.
- Seed Round
- Amount Raised: USD 13,000,000
- Date: March 2022
- Lead Investors: Infinity Ventures, Point72 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their payment infrastructure services and scale business operations.
Total Amount Raised: USD 14,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Infinity Ventures
- Details: Infinity Ventures is co-founded by Jeremy Jonker, who is also the Managing Partner. The firm backs companies that simplify complex processes, such as CARD91's payment issuance infrastructure.
- Investment Focus Areas: Payments, FinTech, Technology
- Notable Investments: CARD91
- Point72 Ventures
- Details: Point72 Ventures is a global venture capital firm that invests in early-stage technology companies. It is an independent, early-stage venture capital strategy funded by Steve Cohen and eligible employees of Point72.
- Investment Focus Areas: FinTech, Artificial Intelligence, Enterprise Technology
- Notable Investments: CARD91, Extend, Even Financial
- EMVC (Emphasis Ventures)
- Details: EMVC is a venture capital firm that focuses on investing in early-stage FinTech companies. The firm aims to support innovative financial technology solutions that can transform the financial services industry.
- Investment Focus Areas: FinTech, Financial Services, Technology
- Notable Investments: CARD91, Kaleidofin, Credgenics
- Sabre Partners
- Details: Sabre Partners is a private equity firm that invests in growth-stage companies. The firm has a strong focus on the financial services sector and aims to support companies with scalable business models.
- Investment Focus Areas: Financial Services, Healthcare, Infrastructure
- Notable Investments: CARD91, Manipal Hospitals, AU Small Finance Bank
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in early-stage technology companies. The firm focuses on companies that are transforming commerce through innovative solutions.
- Investment Focus Areas: Retail, FinTech, InsurTech
- Notable Investments: CARD91, Marqeta, Bill.com
What's Next for Card91?
Card91 is poised for significant growth, with opportunities to expand its product offerings and reach more businesses across India and internationally. The company aims to simplify the card issuance process, potentially reaching the next 100 million users in India who will access credit via cards issued by brands and businesses. This expansion is supported by a $13 million pre-Series A funding round, indicating strong financial backing.
Future fundraising opportunities seem promising, as the successful pre-Series A round suggests potential for further investment. Card91's plans to enhance its service offerings and build a robust team will likely attract additional funding rounds. However, the company may face challenges such as competition from other payment issuance platforms and navigating regulatory environments in different markets.
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