Banking infrastructure startup Spense has raised $2.8 million in a seed funding round led by Arkam Ventures, with participation from Razorpay Ventures, GrowthCap Ventures, and Atrium Ventures. The round also saw participation from angel investors including Kunal Shah, Madhusudhan E, Ravishankar, Suresh Rayasam Venkatasubbaih, and Sayandeb Banerjee. The fresh funds will be used to deepen banking partnerships, accelerate product development, expand its engineering and go to market teams, and launch Credit Line on UPI (CLOU), Spense said in a press release. Co-founded in 2022 by Pawan Kumar and Srinivas Krishnamurthy, Spense enables banks to launch credit cards and credit lines backed by customer assets without replacing their existing technology infrastructure. The startup's bank native platform connects core banking systems, deposit systems, and card management systems in real time, enabling financial institutions to launch modern credit products significantly faster than traditional approaches. The platform is powered by AI. Spense deploys agentic AI to automate workflows that have historically required large operations teams for onboarding, servicing, collections, and customer support. These autonomous agents run continuously, handling the operational complexity that has long made scaling secured credit products expensive and slow. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
