finance
Startup Raises $15 Million for WhatsApp-Based Credit Card Targeting Non-U.S. Clients
Miami-based Karta announced a $15 million Series A funding round and a $125 million debt facility. The company is developing a premium Visa card accessible primarily through WhatsApp for international clients holding assets in U.S. banks.
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A Miami-based startup has raised $15 million in Series A funding to develop a premium credit card for non-U.S. clients who maintain assets in American banks and brokerages.
Karta announced the round on Wednesday, led by Galaxy Ventures with participation from Illuminate, Canary, and Clocktower Ventures. The company also secured a $125 million debt facility from CIM. The card targets a market segment previously served by American Express's International Dollar Card program, which the issuer has been scaling back.
Non-U.S. residents keeping assets in U.S. institutions can apply through partner banks without a Social Security number or Individual Taxpayer Identification Number. Approved clients receive a credit limit up to $200,000 and can use a virtual card immediately.
Most customer service functions, including alerts, disputes, and concierge requests, are handled through 24/7 WhatsApp chat. The card includes standard premium Visa benefits such as no foreign exchange fees and reward points.
Karta now works with approximately 85 private banks and wealth managers, including Itaú, Raymond James, and XP International US. A company founder stated that most fintech credit card solutions focus auf debit rather than unsecured credit at global scale.
Interest from institutions exceeded initial expectations after American Express began reducing its dollar-card offerings for internationally mobile clients.
