Corporate card provider Kodo raises $8.75 mn seed from slew of investors

Card spends on Kodo have grown 45 per cent month-on-month for the past 12 months, the company claims

Corporate card startup Kodo has raised $8.75 million in seed capital from a slew of investors including Brex, Goat Capital, Pioneer Fund and other Silicon Valley players. It will use the funds raised to strengthen and expand its team across engineering, product, sales, credit and operations, and to support its accelerated growth plans.

The startup which was part of the winter 2021 batch of Y-Combinator was launched in 2019 with the mission of putting a Kodo corporate card in the hands of every founder in India.  Card spends on Kodo have grown 45 per cent month-on-month for the past 12 months, claimed the company.

“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. 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,” said Deepti Sanghi, Co-Founder & CEO, Kodo.

The startup offers a frictionless card experience to busy founders, starting with a 3-minute approval process to automated expense management tools. The company believes repetitive financial tasks should be automated so that founders can focus on building their business and doing what they love.

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