Corporate card startup Kodo on Thursday said it has raised USD 8.75 million (about Rs 63.5 crore) from Brex, Goat Capital and others. The seed round also saw participation from Pioneer Fund and other Silicon Valley investors, a statement said. It will use the funds raised to strengthen and expand its team across engineering, product, sales, credit and operations to support its accelerated growth plans, it added.
Kodo provides corporate cards and spend management tools for startups and small and medium businesses in the country. Launched in 2019, Kodo was part of the winter 2021 batch of Y-Combinator. Card spends on Kodo have grown 45 per cent month-on-month for the last 12 months, leading to 83X jump in transaction volumes, the company said. “We believe that founders should be free from the anxiety of where their money is, how much is being spent, and how to optimise their cash flows. Kodo cards with integrated spend management tools is our first step towards that goal.
We are seeing accelerating adoption of Kodo cards from businesses ranging from VC backed startups to SMBs, across sectors,” Kodo co-founder and CEO Deepti Sanghi said. She added that with this capital raise, Kodo is well positioned to build on that momentum, strengthen its team and expand its customer base. Companies using Kodo cards can 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.
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