Spense announced that it has raised a $2.8 million seed round. The round was led by Arkam Ventures, with participation from Razorpay, GrowthCap Ventures, AtriumVC, and a group of operators and angel investors.
The new funding brings Spense’s total capital raised to $4.2 million. The company is building agentic credit infrastructure designed to help financial institutions expand credit access to underserved customers in India.
Spense was founded around the belief that India’s next 300 million credit customers will need to be underwritten differently from the first 150 million. The company said these customers will include small business owners, homemakers, self-employed professionals, gig workers, and financially disciplined consumers who are often overlooked by traditional credit systems.
Rather than building only a better credit filter, Spense is focused on building a better credit on-ramp. Its platform is intended to help banks and financial institutions identify, onboard, and serve creditworthy customers who may not fit conventional underwriting models.
Spense currently works with seven major banks across India. The company powers more than 250,000 active cards and is issuing nearly 40,000 cards per month.
The company said that volume represents roughly 8% of national credit card issuance. The traction highlights Spense’s growing role in India’s credit infrastructure market as banks look for new ways to reach emerging customer segments.
The seed funding is expected to support Spense’s continued product development, bank partnerships, and growth across India’s consumer credit market. The company is positioning itself as infrastructure for the next phase of financial inclusion and credit expansion in the country.
