~ Gopi Latpate, Samyakth Capital, Anant Agarwal, and existing investors also particpated
~ GalaxyCard will use the funds raised to expand the team and scale up consumer base
Delhi, NFAPost: Fintech startup GalaxyCard raised $450K angel round led by JITO Angel Network and others. JITO Angel Network (JAN) is a community-based platform focused on new venture investing. Gopi Latpate, Samyakth Capital, Anant Agarwal, and existing investors also participated in this funding round.
Launched in 2018 by Amit Kumar, GalaxyCard offers lending solutions to tier 2 small-town individuals by providing an instant app-based credit card.
GalaxyCard provides customers easy loans by registering via the app and go for online processing. Digital versions of PAN Card, Aadhar Card, and Bank Statements are used for instant verification. The digital credit card can be activated in under three minutes and offers no annual, subscription, or interest fees to the customers.
This credit can be used to make online purchases and various payments, such as utility bills, phone recharges, and even paying at roadside stalls.
GalaxyCard will use the funds to expand the team and scale up its consumer base. The startup also aims to launch a premium version of the card for customers with an income of less than Rs 30,000 per month. Additionally, it is also exploring credit card options for students to make them manage their education expenses and learn financial management from an early age.
Since its inception, the company has had a customer base of over 700 towns across the country. GalaxyCard is growing its customer base by 50% per month and plans to increase the existing customer base 5x within next 4 months.
In April 2021, there were over 500 thousand ATM transactions and nearly 160 million point-of-sale transactions made via credit card in India. The credit card transactions had decreased significantly in the months of March to May 2020, due to the COVID-19 pandemic, according to research firm Statista.
GalaxyCard founder Amit Kumar said this is a huge opportunity and JITO Angel Network brings not only capital but the community strength. “We foresee achieving our vision and targets much faster,” says Amit Kumar.
Sunil Kumar Singhvi – Vice Chairman, JITO Angel Network, said Credit card reach in tier 2 cities has been minimal. “Financial inclusion of Rural India is important for building Atmanirbhar Bharat. GalaxyCard using its proprietary technology is bridging this gap,” said Sunil Kumar Singhvi.
He said the vision of GalaxyCard and its approach to tech-enabled lending is a key differentiator. “Our investment in GalaxyCard comes as a result of deep alignment with Amit’s vision of GalaxyCard and on his passion to make credit cards available to everyone in Bharat,” said Sunil Kumar Singhvi.
JITO Angel Network today has a portfolio in various sectors and has invested in over 45 companies, and has taken multiple exits. The network is currently invested in various sectors. JITO Angel Network not only invests in the company but also leverages the entire JAIN Community network for exponential business growth.
