Corporate card provider Karbon Card raises Rs.55-Cr from Northern Arc, others

Corporate card provider and emerging neobank Karbon Card (Karbon) has raised INR 55 crore in a debt financing round from Northern Arc Capital, UC Inclusive Credit Pvt Ltd (UCIC) and Oxyzo Financial Services. Karbon will use the funds to empower and enable startups and SMBs with corporate credit cards they can use as a flexible growth capital. UCIC, incubated by Unitus Capital, is an impact-focused Non-Banking Financial Company registered with Reserve Bank of India, based out of Bengaluru, while Oxyzo is the lending arm of OfBusiness and is backed by SoftBank.