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KarbonCard, a fintech firm focused on corporate cards, on Wednesday said it raised $15 million in a Series A round led by Olive Tree Capital, Harmony and Avenir Growth Capital.

Existing investors, including Ramp, Mercury, and Orios Venture Partners, also participated in the round, the startup said in its press release.

Founded in 2019 by Pei-fu Hsieh, Amit Jangir, Kartik Jain, and Sunil Sinha, Karbon Card is focused on small businesses and startups. It enables startups to access credit of up to Rs 5 crore with no fixed deposits or personal guarantee, offers rewards such as AWS credits, expense management via WhatsApp, and seamless payments transactions through corporate cards, among others.

Karbon Card said it will put the funds from its new round to foray into the corporate neobanking space, ramp up its product development, and hire people.

“We are extremely delighted to close our Series A because it means we now have the resources to build an even more compelling product and service for all our current and future customers,” Amit said in a press release.

The startup had raised $12 million in its pre-Series A round in September from Ramp, Rainfall Ventures, Roka Works, and Y Combinator.

Along with the current round, Karbon Card has raised $32 million in total funding, it said. Its gross transaction value in 2021 was $30 million, and the startup said it hopes to grow its GTV to $200 million per month in 2022.

“The adoption for corporate cards in India is still nascent compared with developed markets, and as the market leader, we expect Karbon to introduce corporate cards to tens of thousands of Indian companies in the near term and beyond,” said Nick Eliovits, Managing Partner of Olive Tree Capital.

Karbon counts CRED, Unacademy, MyGate, Pharmeasy, Nazara Technologies, BlackBuck, and Bizongo, among its 2,000 customers.