Spense
Overview
Spense is a Bengaluru-based fintech startup focused on developing programmable banking and credit card infrastructure to streamline financial services in India. Founded in 2023 by Pawan Kumar, a former head of Applied Science at Uber India, and Srinivas Krishnamurthy, a former Technical Lead at BNP Paribas, Spense aims to innovate within the financial sector by offering secured credit cards, prepaid solutions, and forex programs. As of 2025, Spense has raised $1.85 million in a pre-seed funding round led by GrowthCap Ventures.
Recent Developments
In 2025, Spense has actively contributed to the fintech sector with several significant developments:
- June 2, 2025: Spense successfully completed a pre-seed funding round, raising $1.85 million led by GrowthCap Ventures. Notable investors included Kunal Shah from CRED and industry leaders from Microsoft. The funding is slated to enhance partnerships with banks and expand Spense’s technology stack to include more use cases beyond credit cards.
- 2025: Spense has positioned itself to address regulatory changes in India, focusing on secured lending products in response to the Reserve Bank of India’s concern over unsecured credit. This strategic move aligns with market shifts towards safer, compliance-oriented fintech solutions.
- 2025: Spense introduced a modular stack approach with an API-first model that allows for fintechs and banks to deploy new credit products swiftly while maintaining regulatory compliance, ensuring faster market entry and robust security infrastructures.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2023 |
| Headquarters | Bengaluru, Karnataka, India |
| Founders | Pawan Kumar, Srinivas Krishnamurthy |
| Key Investors | GrowthCap Ventures, Kunal Shah (CRED), Microsoft executives |
| Industry | Financial Services, Fintech |
| Number of Employees | Approximately 50 |
Early History
Spense was founded in 2023 amid a growing demand for innovative fintech solutions in India. Recognizing a gap in the market for scalable and programmable banking infrastructure, founders Pawan Kumar and Srinivas Krishnamurthy, both with pedigrees in major tech and financial firms, envisioned a platform that could offer secured credit options where traditional models fell short. Drawing on their extensive backgrounds in applied science and technical leadership, they built Spense to enable faster, compliant financial product deployment.
Company Profile and Achievements
Since its inception, Spense has charted a clear path towards transforming financial infrastructures, specifically targeting the needs of banks and fintechs intending to offer secure financial products:
- Development of a Programmable Banking Platform: Spense's core suite delivers infrastructure for secured credit cards and other financial products. Their platform emphasizes regulatory oversight and quick integration within legacy systems.
- Strategic Funding and Growth: In mid-2025, Spense secured significant funding to facilitate expansion into broader banking use cases, highlighting investors' confidence in its innovative proposition and market relevance.
- Commitment to Financial Inclusion: Spense leverages existing customer assets in innovative ways to expand credit access across segments traditionally underserved by existing financial models.
Current Operations and Market Position
In 2025, Spense operates as a formidable player in India’s fintech ecosystem, focusing on digitally streamlining secured lending products. Its current operations involve collaboration with several regulated financial institutions to offer innovative banking solutions tailored for diverse consumer bases. With its attention to regulatory compliance, Spense has positioned itself as a critical facilitator of financial inclusion through its robust secure card models. The company maintains a competitive edge through its advanced technology and experienced leadership team.
Spense Money
Spense Money is the financial technology services branch under the Spense brand that handles the secured credit card offerings and related financial services frameworks. This segment of the company is crucial in Spense's strategy to innovate the credit infrastructure across India's growing fintech sphere.
Spense Funding
Spense's initial funding rounds demonstrate strategic alignment with industry trends. The recent $1.85 million pre-seed fundraise was instrumental in positioning the company to partner with more banks and extend its technology stack, supporting expanded financial service offerings. Key investors such as GrowthCap Ventures and figures from leading tech firms validate Spense's foundational approach to fintech innovation.
Conclusion
Spense's entry into the fintech market represents a deft merging of technological innovation and regulatory adherence, poised to address India's evolving financial landscape. With a focus on secured credit products, Spense not only taps into an overlooked market need but does so while strengthening partnership networks with banking institutions. Spense is setting itself up as a key player in India's rapidly advancing financial technology sector, with potential for significant impact driven by its innovative infrastructure and adaptable financial solutions.