Card91

Card91 operates as an Issuance Platform-as-a-Service (PaaS) provider in the fintech/payments infrastructure sector. The company serves banks, NBFCs, fintechs and corporates, enabling them to issue and manage payment instruments (prepaid, debit, credit, forex cards and UPI-linked products). Its core value proposition lies in providing modular, API-driven infrastructure that reduces card program launch time from months to days while ensuring regulatory compliance.

Key milestones 

• $14M total funding (Pre-Series A led by Point72 Ventures, Infinity Ventures, and Sabre Partners).

• Strategic partnerships with YES BANK, RuPay (2022) and Visa (2024).

• Launch of proprietary UPI Switch "Blitz" (2025), enhancing UPI acquiring capabilities.

• Expansion to offices in Delhi, Mumbai, and Chennai.

Core Products & Services

• Card Programs: Prepaid, debit, credit, and multi-currency forex cards with real-time dashboards.

• Blitz: Full-stack UPI acquiring with instant VPA creation, QR codes, and AI-driven merchant onboarding. Credit line issuance via UPI.

• Forex Card Platform: Partnership with Visa for seamless issuance and transaction monitoring.

• Program Management: Compliance, fraud risk management, and reconciliation APIs.

Business Model & Revenue Streams

Revenue Streams

• Platform fees from issuers (banks/fintechs) for payment instrument lifecycle management.

• Transaction-based fees from UPI acquiring and card processing.

• Partnership fees (e.g., Visa collaboration for forex cards).

Customer Segmentation

• B2B focus: 100% enterprise clients, split between banks (e.g., YES BANK) and corporates/SMEs.

• Key sectors: Lending, agritech, edtech and travel.

Top Clients & Partnerships

• YES BANK: Key partner for co-branded card issuance and integration with the RuPay network.

• Visa: Collaboration for forex card issuance, enhancing global payment capabilities.

• RuPay (NPCI): Partnership for domestic card program support, enabling cost-effective card issuance.

• Banks and NBFCs: White-label solutions for corporate expense and travel cards, expanding reach beyond fintechs.

• Strategic Diversification: Focus on multi-sector partnerships to reduce client concentration risk and drive sustainable growth.

Future Outlook & Strategic Priorities

• Market Expansion: Targeting global markets with real-time payment adoption (e.g., Southeast Asia).

• Product Innovation: Scaling Blitz UPI acquiring and ULI (Unified Lending Interface).

• Embedded Finance: Enabling non-financial brands to launch payment products.

• Regulatory Headwinds: RBI’s evolving UPI/issuance guidelines may require infrastructure adjustments.