Karbon Card
“Can a YC-backed neobank become the default FX and cross-border collection rail for Indian SME exporters?”
Founded2019
HQBangalore, India
FoundersBo Li
Total raised$38.3M
Latest roundDebt, 2022 (₹55 crore)
IndustryFintech / Cross-border payments
The story
Karbon Card launched in 2019 as a Y Combinator-backed corporate card and neobank for Indian startups and SMBs. Over time the company has pivoted strongly toward cross-border payments — operating as karbon.business / karbonfx.com — helping Indian exporters and resellers (Amazon, Walmart) collect USD/EUR/GBP/AED into INR accounts in FEMA/RBI-compliant flows. The corporate card remains a product, but the strategic center of gravity is now FX remittance and multi-currency virtual accounts.
Last 12 months
Product timeline
2019
Founded in Bangalore as a corporate card and neobank for Indian startups/SMBs· founding
2022
Raised ₹55 crore debt to fund corporate credit card lending· lending
2025
Launched multi-currency virtual accounts and global payment links for Indian SME exporters· banking
The stack
3 layers disclosed in Karbon Card’s embedded-finance stack
Payments / PSP
Karbon Business Payment Links (self-operated)
Lending
in the full report
FX & payouts
in the full report
Accounting gap: minor
3 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.