Fintech Platform GalaxyCard raises $450K in angel funding led by JITO and others
GalaxyCard, a fin-tech platform that provides instant credit card approvals, recently raised $450K in angel funding led by JITO and other notable angel investors such as Gopi Latpate, Samyakth Capital, and Anant Agarwal. The funds will be used to grow the company and expand its team in order to provide a better customer experience.
According to the CMIE (Center of Monitoring the Indian Economy), nearly 200 million people in India work in blue-collar jobs; these people require a daily credit limit, but financial institutions do not cater to them due to their lower income and extensive paperwork requirements.
Haryana based GalaxyCard focuses on making credit cards easily accessible to customers with less than Rs30,000 in monthly income, who are typically turned down by banks.
Customers of GalaxyCard simply download the app and register for free online processing. For instant verification, digital versions of PAN Cards, Aadhar Cards, and Bank Statements are used. Customers can activate the digital credit card in under three minutes and there are no annual, subscription, or interest fees.
This credit can be used to make online purchases as well as payments such as utility bills, phone recharges, and even roadside stall purchases.
Customers have come from over 700 towns across the country since the company's inception. GalaxyCard's customer base is growing at a rate of 50% per month, with plans to more than double in the next four months.
Commenting on the funding, Mr. Amit Kumar, Founder, GalaxyCard said, “We are very excited to have a very diverse and experienced investor community that has a faith in our vision and success so far. Their confidence in our team is paving way for us to scale exponentially. We aim to be the largest provider of digital cards in India catering to the blue-collar workers.”
“The credit card reach in tier 2 cities has been minimal. The financial inclusion of rural India is important for building Atmanirbhar Bharat. Galaxy with its proprietary technology is bridging this gap. The vision of GalaxyCard and their approach to tech-enabled lending is a key differentiator”, adds Mr. Sunil Kumar Singhvi - Vice-Chairman JITO Angel Network.
GalaxyCard intends to expand its card offerings and reach a broader audience. The various cards will cater to different types of customers based on their financial needs and requirements. The startup has also launched a new feature that provides more time for due payment, allowing the user a longer payback time.
According to the CMIE (Center of Monitoring the Indian Economy), nearly 200 million people in India work in blue-collar jobs; these people require a daily credit limit, but financial institutions do not cater to them due to their lower income and extensive paperwork requirements.
Haryana based GalaxyCard focuses on making credit cards easily accessible to customers with less than Rs30,000 in monthly income, who are typically turned down by banks.
Customers of GalaxyCard simply download the app and register for free online processing. For instant verification, digital versions of PAN Cards, Aadhar Cards, and Bank Statements are used. Customers can activate the digital credit card in under three minutes and there are no annual, subscription, or interest fees.
This credit can be used to make online purchases as well as payments such as utility bills, phone recharges, and even roadside stall purchases.
Customers have come from over 700 towns across the country since the company's inception. GalaxyCard's customer base is growing at a rate of 50% per month, with plans to more than double in the next four months.
Commenting on the funding, Mr. Amit Kumar, Founder, GalaxyCard said, “We are very excited to have a very diverse and experienced investor community that has a faith in our vision and success so far. Their confidence in our team is paving way for us to scale exponentially. We aim to be the largest provider of digital cards in India catering to the blue-collar workers.”
“The credit card reach in tier 2 cities has been minimal. The financial inclusion of rural India is important for building Atmanirbhar Bharat. Galaxy with its proprietary technology is bridging this gap. The vision of GalaxyCard and their approach to tech-enabled lending is a key differentiator”, adds Mr. Sunil Kumar Singhvi - Vice-Chairman JITO Angel Network.
GalaxyCard intends to expand its card offerings and reach a broader audience. The various cards will cater to different types of customers based on their financial needs and requirements. The startup has also launched a new feature that provides more time for due payment, allowing the user a longer payback time.
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