GalaxyCard secures seed funding from prominent angel investors; bolsters customer outreach and expansion plans2 min read . Updated: 08 Nov 2020, 09:02 AM IST
- GalaxyCard is working aggressively on its plans to strengthen its foothold in the market
GalaxyCard, India’s fastest lending solutions offering instantly approved credit cards has recently raised an undisclosed amount of funding from prominent seed investors - Gopinath Latpate, Samyakth Capital, and other angels from Eaglewings Ventures Alliance Network. The acquired funding bolsters the company’s ongoing business plans aimed at expanding customer outreach and adding more channels to increase GalaxyCard’s accessibility for customers.
Launched in 2018, GalaxyCard has acquired customer base from more than 600 towns across the country. Its instantly approved credit cards are made available in 3 minutes and benefit the customers with zero annual, joining, or interest charges.
“The traditional credit card application process does not fit customers of all income groups. Additionally, the amount of money that goes into paying annual and interest charges for using a credit card is massive that make people rely on the traditional lending process. Through GalaxyCard, we focus on making credit cards available to customers with an income of less than 30k a month and help them become self-reliant when it comes to taking credits", says Amit Kumar, the founder of GalaxyCard.
"GalaxyCard envisions to give every creditworthy customer a way to sail through minor variations in their financial situations with dignity. Banks and financial institutions have ignored these customers for a long time; we're adamant to change that", he added.
GalaxyCard adopts a customer-centric approach in making the tech-enabled lending process convenient to its target audience. Unlike the way traditional credit card application process works, it uses online documentation, eliminates long processing duration, and makes it feasible for customers to pay their utility bills. In such a short span, the company has witnessed a huge growth of 15% week over week.
"The vision of GalaxyCard and their approach to tech-enabled lending is a key differentiator. Their focus, grit, and execution provide a huge potential to become the credit card for Bharat", said Gopinath Latpate, one of the key investors in GalaxyCard.
GalaxyCard is also working aggressively on its plans to strengthen its foothold in the market. To increase customer outreach, it is planning to launch premium credit cards for the upper segment customers in the less than 30k per month income bracket. 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.
Commenting on the vision and business plans of GalaxyCard, Mr. Aalesh Avlani of Samyakth Capital said, "Samyakth Capital is one of the first backers in FinTechs. 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". - Samyakth Capital.
Furthermore, the company also seeks to launch a premium version of the card that gives a higher limit to customers with a decent income and a history of paying their bills.
Additionally, to take the leverage of the upcoming festive season, GalaxyCard is planning to introduce digital gold for customers who have been affected by the exacerbating effects of the COVID-19 pandemic and looking for a flexible and convenient credit option.
GalaxyCard provides one of the fastest lending solutions in India through its exclusive and instantly approved credit cards. Incepted in 2018, the company has acquired a huge customer base from more than 600 towns across the country. The digital credit card can instantly be made available within 3 minutes and benefits the customers with no annual, joining, or interest charges. It can be used to make all kinds of payments including utility bills, phone recharge, and even paying for roadside stalls.