Hyperface, a Bengaluru-based fintech offering credit card issuance solutions via APIs and SDKs, reported a revenue of Rs 12.4 crore in FY24, nearly doubling from Rs 6.3 crore in FY23. However, the company’s net loss widened to Rs 10.7 crore in FY24 from Rs 5 crore in FY23, as expenses surged to rs 23 crore in FY24 compared to Rs 11.2 crore in FY23.
Founded in 2021 and headquartered in Bengaluru, Hyperface enables fintech and e-commerce firms to rapidly launch and manage credit card programs through its Credit Card-as-a-Service platform. The company handles backend complexities such as KYC management, compliance, risk management, real-time rewards, and integrations, reducing time-to-market by nearly 10x for its partners.
Employee benefit costs accounted for 76.5% of total expenses in FY24, up slightly from 75% in FY23. Advertisement costs comprised 2.65% of expenses in FY24, while depreciation accounted for 1%.
Hyperface has raised a total of Rs 81.46 crore across two funding rounds, with the latest seed round completed in July 2022. The company was co-founded by Ramanathan RV and Aishwarya Jaishankar. Its EBITDA margin declined to -85.19% in FY24 from -77.72% in FY23 and ROCE also slipped to -54.79% in FY24 from -36.51% in FY23.