[Funding alert] Fintech startup GalaxyCard secures $450K in angel funding round led by JITO, others
, a fintech platform offering instantly approved credit cards, has raised $4,50,000 in angel funding led by and other marquee angel investors including Gopi Latpate, Samyakth Capital, and Anant Agarwal.
The fresh funding will be used for scaling up the business and expanding its team to provide an enhanced customer experience. GalaxyCard also plans to add more types of cards and for a wider audience. The different cards will cater to different categories of customers as per their financial needs and requisites.
Amit Kumar, Founder, GalaxyCard said:
“We are very excited to have a very diverse and experienced investor community that has 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.”
According to the Center for Monitoring Indian Economy (CMIE), India has nearly 200 million people employed in blue-collar jobs; these people are in need of daily credit limit but due to the lower income and extensive paperwork requirements, such people are not catered by the financial institutions. GalaxyCard focuses on making credit cards easily accessible to customers with monthly income of less than Rs 30,000, who are typically rejected by banks.
“The credit card reach in Tier II 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 Sunil Kumar Singhvi - Vice-Chairman JITO Angel Network.
Since its inception, GalaxyCard has customers from over 700 towns across the country. GalaxyCard claims that it is growing its customer base by 50 percent per month, and plans to increase it by five times within the next four months.
Edited by Anju Narayanan