Bengaluru-based fintech startup Spense has announced a successful raise of $1.85 million in a pre-seed funding round. The round was led by GrowthCap Ventures and supported by a group of prominent angel investors from India’s thriving fintech ecosystem. Launched in 2023 by industry veterans Pawan Kumar and Srinivas Krishnamurthy, Spense is on a mission to reshape how credit is delivered and managed in India by building a modern, programmable banking infrastructure tailored for regulated financial institutions.
Spense addresses a pressing need in India’s financial services sector: the lack of efficient, scalable, and regulatory-compliant credit infrastructure. The startup’s core offering is a full-stack modular platform that enables banks, NBFCs, and fintechs to launch and manage secured credit cards, prepaid instruments, forex solutions, and other credit-linked products. By adopting an API-first approach, Spense allows rapid integration with traditional banking systems and regulatory frameworks, thereby reducing the time and cost required to launch new credit offerings.
The recent capital infusion will help Spense scale its technology infrastructure, accelerate product development, and strengthen partnerships with financial institutions. Notably, the round saw participation from leading angel investors such as Kunal Shah (Founder, CRED), Suresh Rayasam (Engineering Director, Google), Kush Taneja (Co-founder, FamPay), and others, reinforcing confidence in the startup’s long-term vision.
In a market where millions remain underbanked or underserved by traditional credit systems, Spense aims to enable seamless credit access through its flexible and compliant infrastructure. The company believes that modernizing backend credit issuance systems will play a crucial role in fostering financial inclusion and credit democratization in India.
The $1.85 million pre-seed funding round marks a strong vote of confidence from seasoned investors and industry leaders in Spense’s vision to become the backbone of India’s next-generation credit infrastructure. With this funding, Spense plans to expand its product suite, onboard a broader base of regulated financial institutions, and work toward closing the credit access gap for millions of Indians. As fintech adoption accelerates across India, Spense is well-positioned to be a key enabler of scalable, secure, and inclusive financial solutions.