Home to 61,400 startups (registered with DPIIT, Govt of India), India hosts the 3rd largest startup ecosystem, after US and China. These newbies drive the digital economy through their innovative technology adoption, mobile-first, and customer-centric strategies.
Dedicated to supporting such fledglings with their digital transaction needs is Karbon, another fintech startup with best-in-class expertise in corporate banking.
Founded by Pei-fu Hsieh and Amit Jangir in 2019, Karbon helps growing businesses issue cards, manage payouts and deliver loyalty programs for their customers. Their Unique Selling Proposition helps companies scale faster, as Karbon promises quick corporate cards issuance without any fixed deposits or personal guarantees.
Need for card issuance support
Though Karbon delivers hassle-free banking solutions with terrific business models and expertise in managing new-age corporate banking, they needed support with card issuance. They were looking for a reliable card partner with a strong banking network, to facilitate seamless card issuance.
Co-creating solutions
After evaluating several issuers, Karbon chose to partner with us. Our strong banking network proved to be a strong vantage point for Karbon to deliver its powerful banking solution. At present, we run Karbon card solution program on both Visa and MasterCard rails.
We help Karbon by taking complete charge of end-to-end payments, operations, reconciliation, and market dynamics strategies. Our focus areas enable them to capture a significant share of the SME, MSME, and start-up market and to capitalize on the first-mover advantage.
This is what Amit Jangir, the co-founder of Karbon had to say about our relationship.
Benefits achieved
How we help Karbon achieve 30% increase in transaction volume
We leverage our trusted bank partnerships and facilitate seamless onboarding, Know Your Customer (KYC), card design, and collateral finalization. By serving as a switch, we enable transaction authentication and authorization, in addition to reconciliation and settlement.
Bank partnership
Bank partnerships are a critical part of any card issuance program. We leverage our SBM Bank partnership and help Karbon with payment card issuance.
Onboarding corporates and individuals
Seamless onboarding, Know Your Customer (KYC), and Know Your Bank (KYB) procedures form the perfect first impression for customers. We help Karbon smoothen KYB, KYC, and VKYC processes, as regulated and approved by SBM Bank protocol. This includes activities such as picking up KYB documents from corporates to onboarding and creating frictionless verification via Aadhaar, OTP, and PAN validation.
Card design and collateral finalization
Initially, Karbon had a vanilla card design, which is a basic credit card with minimal to zero perks and fees. We recommended the need to enhance card design for their virtual and physical cards. Our card design team revamped and customized card designs by placing logos in the right places and we also obtained the necessary approvals from the card network and bank.
Transaction authentication
We act as a switch for transaction authentication and function as authorizers for transactions, as per the parameters defined by Karbon. When a transaction is initiated, the acquirer will send data to M2P, and we will take auth approval from Karbon to ensure that the right debit has taken place. No matter what, we ensure that the decision-making power always lies with Karbon.
Reconciliation and settlement
As Karbon’s card program manager, we handle reconciliation and settlement. We manage card operations completely and share report dashboards with Karbon to drive data-driven decision-making.
Now, this is not the end of the story. We hope to support startup ecosystems and established players across the globe with scalable, secure, and compliant card issuance and management solutions.
Do you need help with card issuance?
Get in touch with us at business@m2pfintech.com.
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