Credit card as a service platform Hyperface has secured $9 million in seed funding. The round was led by 3one4Capital and Flipkart Ventures. Existing investors who joined include Better Capital and Global Founders Capital with the new additions of Groww and Rebalance Angel Community.
According to Co-founder Aishwarya Jaishankar, Hyperface would be using the funds to strengthen its product and build a strong team. She also added that the funds will be used for product innovation and business development too.
Pranav Pai, managing partner at 3one4 Capital, said “Credit card programme management is a uniquely valuable fintech vertical that brings together multiple stakeholders to support differentiated user experiences. The team at Hyperface has channeled their deep domain expertise to build the definitive platform in space.”
Ex-banker Jaishankar and Ramanathan RV co-founded the Bengaluru-based Hyperface in 2021.
The funding announcement comes at a time after a recent clarification was sent to fintech players by the RBI that barred the loading of credit lines into prepaid payment instruments (PPIs) like prepaid cards and wallets, a move that came as a blow to business models of players like Slice, Uni, Kreditbee, PayU’s LazyPay, and so on.
“With the RBI (Reserve Bank of India) tightening the plugs, we are seeing very healthy demand for our credit card stack from fintechs as well,” added Aishwarya Jaishankar.
The company has previously raised investments from prominent angels including Kunal Shah, Amaara Capital, GFC, and Better Capital.