Tag: corporate card

Kodo, a corporate card start-up, has raised $8.75 million in seed capital from a slew of investors, including Brex, Goat Capital, Pioneer Fund and other Silicon Valley investors. Kodo was part of the winter 2021 batch of Y-Combinator. It was launched in 2019 with a mission to put a Kodo corporate card in the hands of every founder in India. It will use the funds raised to strengthen and expand its team across engineering, product, sales, credit and operations, to support its accelerated growth plans.

Business collections and spends in India are witnessing a massive shift from cash to digital, creating a solid tailwind for Kodo’s cards and spend management tools. Card spends on Kodo have grown 45 per month-on-month for the last 12 months, leading to an 83X jump in transaction volumes, the company said in a statement. Companies using Kodo cards can issue multiple cards (virtual and physical) to their team members. This provides complete end-to-end control to the founders and finance teams by enabling them to seamlessly track all expenses in one place in real time. In addition, Kodo recently launched Kodo Pay, which allows customers to now use their Kodo credit limits to pay even those vendors who don’t accept cards.

“We are obsessed about creating the most intuitive and seamless financial products for founders that enable them to free up their time and mind to pursue their own mission with confidence. Kodo cards with integrated spend management tools is our first step towards that goal. We are seeing accelerating adoption of Kodo cards from businesses ranging from VC backed start-ups to SMBs across sectors. With this capital raise, we are well positioned to build on that momentum, strengthen our team and expand our customer base” said Deepti Sanghi, co-founder and CEO, Kodo.

“Kodo has built an amazing foundation in India and we are looking forward to putting the full weight of our experience behind them. “We were immediately impressed with Deepti and her team’s deep understanding of the future of finance and are incredibly excited about the next phase of their business.” said Henrique Dubugras, Brex Co-CEO.”