US corporate card unicorn Brex has joined an $8.75 million seed funding round for for Indian peer Kodo.
Goat Capital, Pioneer Fund and other Silicon Valley investors joined the round for Kodo, which will use the funds to make engineering, product, sales, credit and operations hires.
Part of the winter 2021 batch of Y-Combinator, Kodo has given itself the mission of putting a corporate card "in the hands of every founder in India". The firm is looking to cash in on India's shift from cash to digital, reporting a 45% month-on-month card spend increase for the last year.
Deepti Sanghi, CEO, Kodo, says: "We believe that founders should be free from the anxiety of where their money is, how much is being spent, and how to optimize their cash flows. Kodo cards with integrated spend management tools is our first step towards that goal."