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Hyperface Raises Funding From Binny Bansal’s 021 Capital & Others

The funding received will be used for team expansion, product development, expansion into BNPL and to pursue strategic initiatives for enhancing user experience.

Credit card as a service startup Hyperface, which helps businesses, brands and others tailor credit card products to their own unique customer bases, today announced that it has raised an undisclosed amount in a pre-seed round from investors that includes Binny Bansal, notable Angel investors, startup Founders and Executives, both in India and abroad. 

Hyperface is founded by R.V. Ramanathan, ex-CTO of Juspay and banker-turned-entrepreneur Aishwarya Jaishankar, in January 2021. 

The funding round has participation from Binny Bansal (Advisor, 021 Capital),  Angel investors Varun Mittal (EY global Fintech leader), Ashish Sharma (CEO of Innoven), and); Founders Chaitra Chidanand (Co-founder of SALT) Moses Lo (Founder and CEO of Xendit), Aldi Haryopratomo (Ex- CEO of GoPay), Harsh Jain (Founder of Groww), Abhinay Peddisetty and Chinmay Chauhan (Founders of Indonesia based Bukuwarung) and others.

The funding received will be used for team expansion, product development, expansion into BNPL and to pursue strategic initiatives for enhancing user experience.

Hyperface simplifies launching credit card and BNPL products for fintech companies, e-commerce firms and neobanks that want to embed financial products into their mobile apps. Credit card is a heavily regulated product that has been in existence for over 20 years now, powered by legacy technologies, making it difficult for the issuers to move fast in a digital first world. As per industry estimates, credit card penetration continues to be low with only 3 credit cards for every 100 people in India. Hyperface’s BNPL stack allows any lending technology company to issue a BNPL card to their customers with custom billing frequency and pricing.

Hyperface’s API first and platform based approach enables fintech companies to set up a program in 4-8 weeks instead of the typical 18-24 months. Further, their APIs allow fintechs to manage the entire customer experience across the card lifecycle, create custom loyalty programs and drive customer engagement in a variety of ways. 

“Our aim is to reinvent and improve access to credit cards for brands by working with a bank issuer to provide simple card issuance and bespoke digital credit programs for customers of those brands. Currently, this is a complex and lengthy process. There has been a significant advancement in technology which will radically simplify this.” said Ramanathan RV, Founder and CEO, Hyperface. “We are extremely fortunate to have the support of seasoned Fintech leaders, both in India and abroad in our early innings. Their validation is proof of the boundless opportunity ahead of us globally, to transform and expand one of the largest markets in digital payments”. 

“We are excited to be a part of Hyperface’s journey as they disrupt consumer finance. Embedded finance is the next enabler for both traditional and financial service businesses to launch financial products that will allow them to improve the customer experience and build loyalty. We look forward to supporting the talented founders of Hyperface to help them expand their product offering”, said Sailesh Tulshan, Founder, 021 Capital.  

“I believe consumer financial services are undergoing a tectonic shift. The next consumer banking revolution will be for established brands to offer bespoke, well-crafted financial services to their existing, and new audiences, be it a checking/savings account, branded credit card, loyalty or gift cards, BNPL loans or digital payments services. It will no longer be a ‘one size fits all’. Hyperface is addressing a massive unsolved problem in the global fintech space” said Varun Mittal who is ex-fintech entrepreneur, and author of Singapore Fintech Nation.

Hyperface has previously raised funds from Kunal Shah of CRED, Better Capital and GFC. Their early investors included founders and executives of Tracxn, Flipkart, Rippling, ShopUp and Nium.

Source: Business World

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