[Funding alert] Fintech start-up Hyperface raises $ 1.3 million from Kunal Shah of CRED, Better Capital, GFC
Bengaluru-based fintech start-up Hyperface has raised $ 1.3 million in funding investors, including Best capital, and GFC, he said Monday.is Kunal Shah,
The startup will use the funding to strengthen its technological platform, launch card programs, develop its team and accelerate its growth.
Founded in 2021 by RV Ramanathan, ex-CTO of Juspay, and banker turned entrepreneur Aishwarya Jaishankar, Hyperface helps businesses start their own credit card program in 4 to 8 weeks instead of 18 to 24 months.
Ram and Aishwarya created Hyperface after realizing that fintechs, neobanks and other businesses often had to go through a long and complex process to launch their own credit card programs, and that integrated into the banks they were launching it with extensive regulatory work required.
Even after companies have successfully overcome these obstacles, engagement was a problem, that existing models did not resolve correctly.
âWe both believe that integration with banks should be simple and seamless, allowing entrepreneurs to spend their valuable time refining their valuable ideas and creating great value propositions for their clients,â said the co-founders. Your story in a conversation.
Hyperface currently offers two products:
- CCAAS: Credit Card as a Service Stack, which helps fintechs, neobanks, and businesses define everything from their onboarding processes to card checks – basically the entire customer lifecycle.
- BNPL on prepaid: The startup claims to have partnered with the main prepaid payment instruments for the offering.
The startup’s main clients include e-commerce companies, neobanks and fintechs are looking to offer credit cards to their customers. She derives her income from pay-per-use Price model.
âThere is currently an unprecedented need for partner who can help bridge the gap between financial institutions and fintech companies who wish to issue a credit card product to their customers, âsaid Vaibhav Domkundwar, CEO and Founder of Better Capital, about Hyperface’s latest fundraiser.
Better Capital is an early stage venture capital firm that has also supported other fintech startups such as , and , among others.
“Providing fintechs with a flexible, quick to integrate and scalable solution will allow them to fuel and run unique credit card programs,” he added.
Hyperface’s early founders include founders and executives of, , Ripple, and . He is currently preparing to launch his MVP and claims to have a “healthy pipeline of customers”.
“Our mission is to reinvent, simplify and improve access to credit cards by enabling financial technology companies to partner with banks 10 times more productively,” said Ram.