Corporate card startup, Kodo, on Thursday said it has raised $8.75 million as a part of its seed round of funding from Brex, Goat Capital, Pioneer Fund and other Silicon Valley investors.
It will use the funds to strengthen and expand its team across engineering, product, sales, credit and operation functions while looking to accelerate its growth plans.
Kodo was also a part of the winter 2021 batch of US-based seed accelerator Y-Combinator.
The two-year-old fintech startup provides corporate cards to startups as well as small and medium businesses (SMBs), as it looks to digitise business-to-business payments while equipping them with spend management tools.
“We want to create the most intuitive and seamless financial products for founders that enable them to free up their time. 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,” said Deepti Sanghi, co-founder and chief executive officer (CEO), Kodo.
Card spends on Kodo have grown 45% month-on-month for the last year, the company said.
“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, co-CEO, Brex.
The Kodo platform also provides automated expense management tools, with the ability to automate and repeat financial tasks.
“As early investors of the global fintech revolution, we were struck by the clarity of Kodo’s vision. We seek tenacious founders unlocking massive new markets. Deepti and Gaurav are exactly the type of founders we love backing,” said Robin Chan, general partner of Goat Capital.
Companies can also use Kodo’s platform to issue multiple cards (both 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.
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.