Tuesday, June 18, 2024
HomeBusinessHyperface raises funds from Kunal Shah, Better Capital, GFC

Hyperface raises funds from Kunal Shah, Better Capital, GFC

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

Credit card as a service startup Hyperface, which helps businesses, brands and others tailor credit card products to their own unique customer bases, has announced having raised funding from Kunal Shah of CRED, Better Capital and GFC. Along with early investors that include founders and executives of Tracxn, Flipkart, Rippling, ShopUp and Nium, the funding raised by Hyperface is a total of US$1.3 million. The funding received will be used to strengthen the tech platform, launch card programs, grow the team and accelerate growth. Hyperface is founded by R.V. Ramanathan, ex-CTO of Juspay and banker-turned-entrepreneur Aishwarya Jaishankar, in February 2021.

Hyperface simplifies launching a credit card product 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. 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.

As per industry estimates, credit card penetration continues to be low with only 3 credit cards for every 100 people in India. As of July 2021, nearly 63 million credit cards were in use in India, compared to nearly 900 million debit cards in circulation. “Our mission is to reinvent, simplify and improve access to credit cards by enabling fintech companies to partner with banks in a 10x more productive way. I am extremely glad and grateful to have found support from the right people in the fintech ecosystem”, said Ramanathan RV, Founder and CEO, Hyperface.

“Credit cards are slated to grow 10x in India. This huge wave of growth will emerge from fintech companies in partnership with banks. Ram and Aishwarya are passionate about enabling this trend by building a solid platform, with customizable features for brands to deliver best-in-class adaptive experiences to their customers. I am very excited to be a part of their journey having supported them from day one”, said Sayali Karanjkar, founder of Paysense, an active angel investor in fintech companies.

“There is currently an unprecedented need for a partner who can help bridge the gap between financial institutions and fintech companies who wish to issue a credit card product for their customers. Providing fintechs with a flexible, fast-to-integrate, and scalable solution will enable them to power and execute unique credit card programs. We are confident that Hyperface can be that platform partner. This is only the beginning and we’re excited to back this team to witness the possibilities”, said Vaibhav Domkundwar of Better Capital, an early backer of fintech innovators like Rupeek, Open, Jupiter and others.

Source: Business World

- Advertisment -

Most Popular

Recent Comments