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Friday, June 21, 2024

Hyperface secures $9M to bolster credit cards-as-a-service offering

Hyperface, has secured $9 million in funding. The supplier of credit card infrastructure will bolster its credit cards-as-a-service offering with the money.

Ramanathan RV, a co-founder of Juspay, founded Hyperface, which announced on Wednesday that it had secured $9 million in investment led by 3one4 Capital.

The financing was contributed to by both current investors like Global Founders Capital and Better Capital as well as new investors including Flipkart Ventures, Groww, and Rebalance Angel Community.

The company will utilize the money to improve its credit cards-as-a-service offering in an effort to assemble a strong team.

Ramanathan and seasoned banker Aishwarya Jaishankar founded Hyperface in 2021. Through backend application programming interface (API)-integrations, Hyperface enables enterprises to issue credit cards and pay later issuing solutions at scale.

The business said that rather than taking 12 to 18 months as in the past, it now enables enterprises to start their pay later options quickly.

Ramanathan noted, “Hyperface is passionate about embedded finance and increasing financial inclusion in India. We consider it an honor to have collaborated with 3one4 Capital, Flipkart Ventures, Groww, and others to improve the financial services sector.”

The buy-now-pay-later (BNPL) products and co-lending models would be supported by Bengaluru-based cloud lending platform Finflux, according to an announcement made last week by financial infrastructure provider M2P Fintech.

Credit card program management is a fintech vertical that unites several stakeholders to enable varied customer experiences, making it particularly lucrative.

The Hyperface team has used their extensive industry knowledge to create the ideal platform, according to Pranav Pai, managing partner at 3one4 Capital.

In collaboration with AU Bank, Hyperface has debuted the AU LIT card, a customizable benefit card. The card enables cobrands and credit card issuers to create the ideal value offer for their clients.

This occurs at a time when the Reserve Bank of India (RBI) established guidelines for the issuing and use of debit, credit, and cobranded cards in April of this year in an effort to aggressively supervise the industry. Senior vice-president and head of corporate development at Flipkart, Ravi Iyer, says, “The features of Hyperface are especially relevant in the Indian market, where digital enterprises are striving to increase consumer credit choices. Their solutions are intended to shorten the time it takes for businesses to integrate fintech solutions, according to an experienced team.”

Previously, Amaara Capital, GFC, and Better Capital, as well as well-known angel investors including Cred founder Kunal Shah, had invested in Hyperface.


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