Karta announced that it has raised $140 million in new financing, including a $15 million Series A round and a $125 million credit facility. The Series A round was led by Galaxy Ventures, with participation from Illuminate, Canary, Clocktower Ventures, and other investors. The $125 million debt facility was provided by Community Investment Management.
Karta is a U.S.-issued credit card built for global travelers. The company is designed to serve international travelers who may have established credit histories in their home countries but remain credit-invisible in the U.S.
The company said many of these travelers rely on debit cards, prepaid cards, or local credit cards that charge foreign exchange fees when they travel. Despite having assets, they often lack access to meaningful U.S. credit lines, premium card benefits, and financial recognition.
Karta is offered through more than 80 private banks and wealth managers. The company said approval takes minutes, requires no SSN or ITIN, and can provide credit lines of up to $200,000.
The Karta card includes Visa premium card benefits, zero foreign exchange fees, points, and access to invite-only events.
Karta also offers a 24/7 AI concierge through WhatsApp. The concierge can browse, call, email, generate one-time virtual cards, and make purchases on behalf of customers, including hard-to-access hotel and restaurant reservations.
The company said the concierge can also contact airlines to change flights, dispute charges, reschedule reservations, manage payments, and provide real-time notifications on purchases and refunds.
Karta plans to use the new capital to advance its product roadmap across three areas: launching an elevated tier card for high-demand clients, introducing a corporate card and payment platform, and continuing to improve its global travel concierge experience.
The company is led by founders Freddy Juez and Orlando Espinoza. Juez previously ran a payroll-lending fintech in Ecuador, while Espinoza is a Y Combinator-backed founder who built and sold a last-mile logistics company.
Karta also hired Fernando Dalceggio, former head of acquisition and new business development at AMEX International Dollar Cards, to help build the company.
Karta is headquartered in Miami and has operations in São Paulo, Brazil. The company said it is experiencing rapid growth, with total payment volumes and revenue scaling 4x quarter-over-quarter.
KEY QUOTES:
“In the last several months, we’ve seen explosive growth. We set out to build the ultimate tech-forward credit card for the global traveler, and are thrilled to see the rapid increase in private banks working with us to offer this card to clients. We also appreciate the support of our partners and investors who will help Karta expand our reach and AI offering that makes travel and spending convenient and frictionless for users.”
Freddy Juez, Co-Founder of Karta
“Karta’s unique product offering has quickly earned the trust of dozens of the world’s largest financial institutions. The company has built an efficient distribution model targeting a high-value and engaged customer base, a combination that creates the foundation for a strong business.”
Mike Giampapa, General Partner of Galaxy Ventures
