Indian corporate card start-up Kodo raises $8.75M from Brex
By Leandra Monteiro
Brex, a US corporate card unicorn, participated in a $ 8.75 million seed funding round for Indian company Kodo. Goat Capital, Pioneer Fund and other Silicon Valley investors will participate in Kodo’s rounds. The funds will be used to accelerate growth plans, hire engineering, products, sales, credit and operations.
The Indian FinTech start-up, which was part of the winter 2021 batch of Y-Combinator, was launched in 2019 by Deepti Sanghi and Gaurav Thapa, with the aim of putting a Kodo corporate card within the reach of every founder in India.
According to media reports, Deepti Sanghi, CEO, Kodo, said,”We believe that founders should be free from the anxiety of where their money is, how much is being spent, and how to optimize their cash flows. Kodo cards with integrated spend management tools is our first step towards that goal.”
Kodo states that it offers a frictionless card experience to busy company founders. The registration process starts with a three-minute approval process to automate expense management tools. The company is of the view that monotonous financial tasks should be automated so that founders can focus on building their business. Kodo also claims to offer rewards worth over INR 5 million to its customers.
Companies using Kodo cards can issue multiple cards, both virtual and physical to their team members. The start-up has also recently launched Kodo Pay, which allows customers to now use their Kodo credit limits to pay even those vendors who don’t accept cards.