Credit card platform for banks Spense raises $2.8-M from Arkam Ventures

Bengaluru-based fintech startup Spense has raised USD 2.8 million in a seed funding round led by Arkam Ventures, with participation from Razorpay Ventures, GrowthCap Ventures and Atrium Ventures.Founded in 2022 by Pawan Kumar and Srinivas Krishnamurthy, the company provides infrastructure that enables banks to launch asset-backed credit products, such as secured credit cards and credit lines, without requiring them to replace their existing technology systems.The firm plans to use the new funds to scale its infrastructure and support the expansion of its secured lending solutions.