Karat Financial raises $70 million Series B to upgrade its creator credit card business
The fintech company behind a creator-friendly credit card is extending its own financial resources. Karat Financial has announced a $70 million Series B, which includes $30 million in debt financing from TriplePoint Capital and a $40 million equity round led by SignalFire.
This latest burst of funding is about three times as large as the $26 million Series A Karat announced in 2021. Contributors to the $40 million equity round included a mix of new and returning investors. Union Square Ventures, Crv, and Ggv doubled down on their support of Karat, while Commerce Ventures and Will Smith‘s Dreamers Vc backed the firm for the first time.
Karat has cultivated a strong customer base among professional creators by simplifying transactions that once proved complex. Alongside its Series B, the L.A.-based company has announced a new business card in partnership with Visa. Among other perks, business card holders will receive personal credit building and purchase protection.
This latest burst of funding is about three times as large as the $26 million Series A Karat announced in 2021. Contributors to the $40 million equity round included a mix of new and returning investors. Union Square Ventures, Crv, and Ggv doubled down on their support of Karat, while Commerce Ventures and Will Smith‘s Dreamers Vc backed the firm for the first time.
Karat has cultivated a strong customer base among professional creators by simplifying transactions that once proved complex. Alongside its Series B, the L.A.-based company has announced a new business card in partnership with Visa. Among other perks, business card holders will receive personal credit building and purchase protection.
- 7/19/2023
- by Sam Gutelle
- Tubefilter.com
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