Fundraising: BaaS Platform Hyperface Raises $9 Million

The co-founder of Juspay, Ramanathan RV founded BaaS Platform Hyperface which is the credit card infrastructure provider. The firm announced on Wednesday that it had raised $9 million in funding led by 3one4 Capital.

Participating in the fundraising were both seasoned investors like Global Founders Capital and Better Capital as well as brand-new investors like Flipkart Ventures, Groww, and Rebalance Angel Community.

The company will utilise the money to improve its credit cards-as-a-service offering in an effort to assemble a strong team.

Through backend application programming interface (API)-integrations, Hyperface enables enterprises to issue credit cards and pay later by issuing solutions at scale.

The firm stated it enables companies to start their pay later products in a couple of weeks as opposed to the usual 12 to 18 months.

“Embedded finance and expanding credit inclusion in India are important concepts to Hyperface. We consider ourselves extremely lucky to have teamed up with 3one4 Capital, Flipkart Ventures, Groww, and others to alter the financial services industry”, said Ramanathan.

The buy-now-pay-later (BNPL) products and co-lending models would be supported by Bengaluru-based cloud lending platform Finflux, according to an announcement made last week by financial infrastructure provider M2P Fintech.

Credit card programme management is a fintech area that is particularly significant and brings together a variety of stakeholders to enable unique user experiences. The Hyperface team has used their extensive subject knowledge to create the ultimate.

In collaboration with AU Bank, Hyperface has introduced the AU LIT card, a customizable benefit card. The card enables cobrands and credit card issuers to create the ideal value proposition for their clients.

This occurs as the Reserve Bank of India (RBI) announced issuance and conduct guidelines for debit, credit, and cobranded cards in April of this year in an effort to aggressively control the market.

In the past, Hyperface has received funding from well-known angel investors, including Cred creator Kunal Shah, as well as venture capital firms including Amaara Capital, GFC, and Better Capital.