Hyperface, a Bengaluru-based modern transaction lending platform, announced that it has closed a $9 million seed funding round led by 3one4Capital with participation from existing investors including Global Founders Capital and Better. Capital, and new investors Flipkart Ventures, Groww, and Rebalance the Angel Community.
In an official statement, Hyperface said it would use the funds to bolster its credit card-as-a-service product and build a strong team. The startup has already raised investments from top angel investors including Kunal Shah, Amaara Capital, GFC and Better Capital.
Founded in 2021 by Ramanathan RV (previously co-founder of Juspay) and Aishwarya Jaishankar, a seasoned banker who has led digital initiatives at multiple banks, Hyperface is designed to simplify the launch of credit cards and pay for subsequent issuances at scale. .
For businesses, launching a credit card program today takes up to 12 to 18 months for a brand. Hyperface claims to remove all technical work from backend API integrations and bureaucracy to cut launch time 10X. With Hyperface, brands can create their own bespoke credit program in “weeks”.
CEO of Hyperface Ramanathan RV said: “Hyperface is deeply committed to the idea of integrated finance and accelerating credit inclusion in India. We feel very fortunate to have collaborated with 3one4 capital, Flipkart Ventures, Groww and others on a journey to the next big evolutionary shift in the financial services landscape.”
Speaking on the investment, Pranav Pai, Managing Partner of 3one4 Capital, the lead investor, said, “Credit Card Program Management is a uniquely valued fintech vertical that brings together multiple stakeholders to support differentiated user experiences. The Hyperface team channeled their deep domain expertise to build the definitive platform in space. We are thrilled to partner with Ram and Aishwarya on their journey to lead this evolution in digital financial services.
Hyperface recently launched the AU LIT Card, a customizable credit card in partnership with AU Bank. The LIT Card was powered by the Hyperface Smart Benefits Engine, an exclusive innovation that enables credit card issuers and co-brands to build the right value proposition for their customers.
From instant cash back to accelerated rewards points, from lounge access to stage-based voucher rewards, the Hyperface smart engine empowers customers to choose and manage the right credit card program. This product claims to have received an excellent response from the credit card industry.
Aishwarya Jaishankar, co-founder of Hyperface, said, “With less than 5% of customers in India having credit cards and the growing trend towards integrated finance, co-branded credit cards are here to stay and we aim to giving banks and brands the right and compliant technology to launch and scale them.
According to Ravi Iyer, Senior Vice President and Head of Business Development, Flipkart, Flipkart is committed to nurturing businesses with potential and supporting their growth to help grow the digital commerce industry in India.
“Hyperface’s capabilities are extremely relevant in the Indian context as digital businesses increasingly seek to improve credit offerings for customers. Backed by an experienced team, Hyperface’s offerings aim to reduce the time it takes for businesses to seamlessly integrate fintech offerings, and we’re excited to be able to support them as they grow,” said Ravi.