Spense, a startup based in Bengaluru that builds flexible banking and card systems, has raised $1.85 million in early funding. The round was led by GrowthCap Ventures.
Other people who invested include Kunal Shah, co-founder of CRED; Sayandeb Banerjee, co-founder of The Math Company; Suresh Rayasam, Head of Applied AI for GTM, and Ravi Sudhakar, Director of AI Global Business Strategy at Microsoft.
The startup will use the new funding to bring more banks on board and grow its partnerships in the fintech space.
The money will be used to add more banks, grow partnerships with fintech companies, and make the product and technology better so it can offer more services, not just credit cards.
Spense was started by Pawan Kumar, who used to lead Applied Science at Uber India, and Srinivas Krishnamurthy, who was a Technical Lead at BNP Paribas.
Regulated companies use Spense to start and manage secure credit programs easily. The platform also works well with older systems and helps make audits simpler.
