Karta Raises $15M to Provide Premium Credit Cards for International Clients
Miami-based startup Karta has secured $15 million in Series A funding to scale its premium credit card platform for international clients. The company, which provides unsecured credit lines of up to $200,000 to non-U.S. residents holding American assets, intends to fill a market gap left by American Express’s reduced International Dollar Card program. According to founders Freddy Juez and Orlando Espinoza, the startup is currently partnering with approximately 85 private banks and wealth managers to serve globally mobile travelers.
Did You Know?
Karta’s service operates through a 24/7 WhatsApp interface, allowing users to manage alerts, disputes, and concierge requests entirely through the messaging app rather than a traditional banking portal.
Filling the Gap Left by American Express
The transition for international clients began as American Express started phasing out segments of its International Dollar Card. This program historically allowed non-U.S. clients with American bank holdings to maintain spending power while traveling. As that option retracted, institutions—including Raymond James, Itaú, and XP International US—sought alternatives to satisfy their high-net-worth clientele.
Karta positions itself as a specialized solution for this demographic. Clients apply through partner institutions without the need for a Social Security number or an Individual Taxpayer Identification Number. Once approved, they receive a U.S.-issued Visa card, which provides access to typical premium perks such as reward points and no foreign exchange fees.
Expert Insight:
Samantha Carter notes that the reliance on WhatsApp as a primary service channel reflects a strategic shift toward meeting international clients where they are already active. By bypassing traditional, often cumbersome, banking interfaces, Karta is betting that high-net-worth individuals will prioritize convenience and rapid communication when managing credit across borders.
Capital and Growth Projections
The $15 million Series A round was led by Galaxy Ventures, with additional participation from Illuminate, Canary, and Clocktower Ventures. Beyond equity, the company announced a $125 million debt facility provided by CIM, an investment firm focused on credit facilities. These funds are intended to support the company’s scaling efforts, which have already exceeded initial projections.
As Karta expands, the company is likely to encounter competition from other financial technology firms attempting to solve the complex regulatory challenges of unsecured, cross-border lending. If the current growth trajectory holds, the startup could see its network of partner institutions continue to grow as more firms look to replace legacy products with modern, app-based alternatives.
Frequently Asked Questions
What is the maximum credit limit offered by Karta?
Karta provides an unsecured credit line of up to $200,000 for qualified applicants.
Do applicants need a U.S. Social Security number to qualify?
No. Karta’s application process for international clients does not require a Social Security number or an Individual Taxpayer Identification Number.
Which institutions currently partner with Karta?
The company works with roughly 85 private banks and wealth managers, including Itaú, Raymond James, and XP International US.
How might the shift toward app-based, cross-border credit products change the way international investors view their relationship with U.S. financial institutions?