Karbon Card, India’s dominant corporate card provider and an emerging Neobank for the new-age startups and SMBs, has announced the launch of its unique Payout product to make vendor and salary payments easier and faster.
Small businesses and startups often find it challenging to deal and interact with large banks’ corporate banking division for various reasons. The experience is mostly non-singular and the businesses don’t find a uniform experience while dealing with their current accounts, doing payout or even accessing their corporate cards.
In a nutshell, retail banking has been modernised but corporate banking products still have a ‘legacy’ feel to it. To solve this challenge, Karbon Card, that counts Y Combinator, Ramp and Olive Tree Capital as its major investors, has rolled out the Payout product.
Some of the unique features of the new Payout product include simple Maker Checker, Bulk Payout, Advanced Notification, a painless and modern UX and an option to send payment links (for beneficiaries). The finance team can access all their cards and vendor payments on a single platform. A lot of our customers have started using Payout to make even critical payments, such as monthly salary disbursal.
Talking about the launch, Kartik Jain, Cofounder, Karbon Card said, “Imagine a situation when the finance team has to manage corporate cards from five different banks along with several current accounts. It becomes a nightmare to manage vendor payments, reconciliation, manage leaks if any, every single day. Our Payout feature is a simple and one-stop solution for all kinds of banking and payment needs. It is everything that a bank offers and a lot more.”
Karbon is also offering a best-in-class 12% discount on AWS, the largest cloud service provider in India. Many customers (especially startups) are excited to avail this reward due to significant monthly savings.
Founded in 2019 by Kartik Jain, Pei-fu Hsieh, Amit Jangir, and Sunil Kumar, Karbon is a corporate payment platform and an upcoming neobank for small businesses, corporates and startups. It provides Visa-issued corporate cards (both virtual and physical) and empowers the finance team to easily control and track expenses for the whole company.
The core benefit of the Bengaluru based company remains quicker and hassle-free access to a credit card for corporate spends. The payout feature is a step towards its plan to become a full fledged neobanking service provider.