Karbon Card, a fintech company, revealed that it has raised $15 million(about Rs. 112 crore) in a funding round headed by Olive Tree Capital. The funding round also included Harmony and Avenir Growth Capital. Existing investors Ramp Mercury and Orios Venture Partners also contributed, according to a statement from the business.

Karbon is now in a position to become the largest player in the expense management segment, according to the statement. Karbon has raised a new round of funding less than four months after raising a $12 million pre Series A round in September of last year. Karbon has now raised around $32 million in total capital through this round.

Karbon has raised a new round of funding less than four months after raising a $12 million pre Series A round in September of last year

"We are delighted to close our Series A because it means we now have the resources to build an even more compelling product and service to all our current and future customers. We now have more than 2,000 companies as happy customers and are determined to grow this by many times this year", says, Karbon’s Co-Founder Amit Jangir.

Karbon Card is a business to business payment solution for India's financial leaders, entrepreneurs, business owners, and executives. It works with over 1500 teams across India, including award winning firms and tech startups. Karbon Card provides up to Rs. 15 crore in free credit, no personal guarantee, and free employee cards. Vendor payment on credit, 24x7 payout, bulk processing, in voice management, and more features are all available with Karbon Payout.

According to the statement, Karbon ended the year 2021 with a monthly GTV (gross transaction value)of $30 million and plans to increase the GTV to $200 million per month in 2022 as credit demand increases.