Fintech startup Hyperface raises $9 million fund led by 3one4 Capital and others

14 Jul 2022 , 10:27 AM

Credit card as a service platform Hyperface, started by Juspay Cofounder Ramanathan RV has raised $9 million in seed funding, the company said on Wednesday. The round was led by 3one4Capital and Flipkart Ventures. Existing investors who joined include Better Capital and Global Founders Capital with the new additions of Groww and Rebalance Angel Community.

According to veteran banker Aishwarya Jaishankar, Hyperface would be using the funds to strengthen its product and build a strong team. She also added that the funds will be used for product innovation and business development too.

Founded in 2021 by Ramanathan and veteran banker Aishwarya Jaishankar, Hyperface allows businesses to launch credit cards and pay later issuance products at scale through backend application programming interface (API)-integrations.

Pranav Pai, managing partner at 3one4 Capital, said “Credit card programme management is a uniquely valuable fintech vertical that brings together multiple stakeholders to support differentiated user experiences. The team at Hyperface has channeled their deep domain expertise to build the definitive platform in space.”

The funding announcement comes at a time where Reserve Bank of India (RBI) clarified that it has been looking to actively regulate the space and released issuance and conduct directions for debit, credit, and cobranded cards, in April this year.

“With the RBI (Reserve Bank of India) tightening the plugs, we are seeing very healthy demand for our credit card stack from fintechs as well,” added Aishwarya Jaishankar.

The company has previously raised investments from prominent angels including Kunal Shah, Amaara Capital, GFC, and Better Capital.