“We listened to our customers, understood the needs of the market, and brainstormed an alternative that is easy to use,” said Kartik Jain, co-founder at Karbon Card, adding that unlike other prepaid instruments like UPI and debit cards, Karbon’s new card provides cashback offers, incentivizing people for their spends.
The company expect over 5000 businesses to start using the new product in a year.
Founded in 2019 by Amit Jangir, Kartik Jain, and Sunil Kumar, Karbon Card in the past released products including corporate cards, payout, invoice management. It has raised close to $27 million in two rounds so far and works with companies and tech unicorns such as Unacademy, Zepto, and Cred among others.
The new card comes with features that includes allowing payments on platforms like Google, Amazon, Swiggy, Ola, etc. The company said it aims to onboard a significant number of new customers by the end of the year. The prepaid card sector in India is immense, presenting an opportunity for Karbon’s new visa-enabled card to position itself as a product for both personal and business use.
With its mobile-first approach, the card addresses the challenges faced by the SMB ecosystem, which has struggled to find a reliable and accessible expense solution. Many SMBs have had to resort to using multiple payment instruments, causing disruptions in their operations.
