Segment – neo-banking; Card Issuance Platform-as-a-Service company.
About
Founded in Aug 1, 2020 by 3 IIT graduates, Ajay Pandey, Kush Srivastava, Vineet Saxena, Card91 offers plug-and-play payment infrastructure as a service for businesses that want to issue, control, view, and approve payments. It assists businesses and banks in the launch of co-branded cards and the simplification of business payments. The company offers a card issuance platform for businesses that manage the payment flow from customer onboarding to transaction processing to data reconciliation. Solves for corporate cards and acts as an end-to-end card solution for company expanses, food, travel, insurance, investments, and other such miscellaneous expenses.
Card91’s products cater to global requirements and the deep collaboration with card networks like RuPay, Visa and Mastercard provide an opportunity to scale the products for customers globally.
Prepaid Payment Instruments : Gift Card, National Common Mobility Card, Centralized System of Records, Multi- Currency Travel Card, Credit Cards, Debit Cards
The company has raised a total of $14M in funding over 3 rounds. Their latest funding was raised on March 27, 2022 from a Seed round. Card91 is funded by 8 investors. Sabre Partners and EMVC are the most recent investors.
Key staff
Ajay Pandey, CEO & Co-founder – has no background in financial sector, he was founder of Marrily which is a ML powered Matrimony platform. (Aug 2015 – Jan 2018), He also was the founder of www.badhai.in (Nov 2011 – Jul 2015), He was working as a AVP & head emerging technologies at Tricom India Limited, (Apr 2010- Nov 2011). Completed their master’s from IIT Kanpur. http://www.linkedin.com/in/ajayiitk/
Kush Srivastava, Co-founder – he was previously worked with Easy Home Finance Limited as Technology & Business Consultant (Jan 2018 – Jun 2020), He was co-founder of Quiklo (Jul 2015 – Jun 2020), Also, he was Co-founder of allMemoirs, product discovery and social commerce. (Jun 2012 – Jun 2015). Completed their bachelor in chemical engineering from IIT Delhi. http://www.linkedin.com/in/kushsrivastava/
Vineet Saxena, COO & Co-founder – he has no background in financial services. He was a CEO & Co- founder of IndusDiva (Jun 2011 – Sep 2020), he also was a Co- founder of Myntra Designs pvt Ltd (Sep 2006 – Mar 2011), he was Founder of Bytedge Solutions (Jun 2006 – Feb 2009). Completed Bachelors of Technology in Mechanical Engineering from IIT Kanpur. http://www.linkedin.com/in/saxenavineet/
Philosophy/key insight
Embedded finance enables digital platforms to leverage their unique position to help their merchants. It empowers B2B e-commerce businesses to innovate for their customers, offer effective credit products, and provide credit to customers who otherwise wouldn’t be able to access it. This sharply accelerates their growth and the growth of their retail partners.
Media
Fintech Startup CARD91’s Cofounder Kush Srivastava Quits, Inc42 Media, Date: Jun 1, 2023.
Due to personal reasons, kush Srivastava has stepped down from his position as cofounder of CARD91
https://inc42.com/buzz/fintech-startup-card91s-cofounder-kush-srivastava-quits/
.
CARD91 raises $13Mn in pre- Series A round, Entrackr, Date: Mar 31, 2022.
CARD91, a global payment issuance infrastructure platform that powers B2B payments and lending on a card, has announced $13 million in Pre- Series A funding round. Funding round was led by Infinity Ventures, Point72 Ventures, and Sabre Partners.
https://entrackr.com/2022/03/card91-raises-13-mn-in-pre-series-a-round/
Prepared by – Jayesh Baviskar, July 2023
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