Indian fintech startup GalaxyCard, which provides instantly approved credit cards, has raised an undisclosed amount of seed funding to support its customer outreach and expansion plans.

The company raised funding from a number of investors including micro-venture capital firm Samyakth Capital, and real estate services firm JLL executive director Gopinath Latpate. Angel investors from Eaglewings Ventures Alliance Network also joined the fundraising.

Latpate said: “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.”

Founded in 2018, GalaxyCard is operated by GCT Technologies. It currently has customers in 600 towns across India.

The instantly approved credit cards provided by GalaxyCard is free of annual, joining, or interest charges. It is made available to customers in three minutes using online documentation.

GalaxyCard founder Amit Kumar is of the opinion that the traditional credit card application process does not fit customers of all income groups.

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He said: “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.

“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.”

The company is currently looking to roll out a premium version of the card for customers with an income of less than INR30,000 ($405.13) per month.

In addition, it also working on credit card options for students to help them manage their education expenses and learn financial management early on.