GalaxyCard, a mobile based Instant Credit Card platform based in Gurugram, announced it has raised an undisclosed amount of seed funding from a clutch of investors including Samyakth Capital, according to ET report.
Founded in 2018 by Amit Kumar and Gunjeet Singh, GalaxyCard claims that credit cards can be made available within three minutes after furnishing official documents. The cards can be used to pay utility bills and phone bills and also be used at roadside stalls.
Gopinath Latpate, executive director at real estate services firm JLL, and angel investors from Eaglewings Ventures Alliance Network also participated in the current funding round, the startup said in a statement.
The company will use the fresh capital to boost expansion. Currently, the startup has customers in 600 towns across the country.
Commenting on the development, Amit Kumar, the founder of GalaxyCard, said, “the startup adopts a customer-centric approach in making the tech-enabled lending process convenient to its target audience. Unlike the way traditional credit card application process works, it uses online documentation and eliminates long processing duration.”
“GalaxyCard envisions to give every credit worthy customer a way to sail through minor variations in their financial situations with dignity. Banks and financial institutions have ignored these customers for a long time; we’re adamant to change that,” he added.
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