GalaxyCard has raised an undisclosed amount of seed funding from a clutch of investors including micro-venture capital firm Samyakth Capital. Gopinath Latpate, executive director at real estate services firm JLL, and angel investors from Eaglewings Ventures Alliance Network also pooled in capital in this funding round.
Launched in 2018, the startup said that credit cards can be made available within three minutes after furnishing official documents. The cards can be used to pay utility bills and phone bills and also be used at roadside stalls. It is also exploring credit card options for students to make them manage their education expenses and learn financial management from an early age.
Amit Kumar, Founder – GalaxyCard, said “the startup adopts a customer-centric approach in making the tech-enabled lending process convenient to its target audience. Unlike the way traditional credit card application process works, it uses online documentation and eliminates long processing duration. GalaxyCard envisions to give every credit worthy customer a way to sail through minor variations in their financial situations with dignity. Banks and financial institutions have ignored these customers for a long time; we’re adamant to change that.”
A bunch of other startups in the broader fintech space have raised early- and growth-stage funding during the coronavirus pandemic.
For instance, Razorpay raised $100 million last month in a new funding round that catapulted the online payment gateway provider to the famed unicorn group of startups with a valuation of at least $1 billion.
The company will use the fresh capital to expand its customer base. It said it currently has customers in 600 towns across the country.