A New Path to U.S. Credit Cards for International Clients

For many overseas clients who hold assets in U.S. banks or brokerages, obtaining a U.S. credit card has long been hindered by one major requirement: a Social Security Number or Individual Taxpayer Identification Number. FinTech startup Karta is tackling this barrier head-on with a novel technological solution.

Key Funding Round and Business Model

Karta recently closed a $15 million Series A funding round. The investment was led by Galaxy Ventures, with participation from Illuminate, Canary, and Clocktower Ventures. Beyond equity financing, the company also secured a substantial $125 million debt facility from CIM Group, providing robust backing for its credit offerings.

The capital will fuel market expansion and technology development for its core product: enabling eligible international clients to obtain and manage U.S. credit cards without an SSN or ITIN.

How the Service Works

Karta's process is built around user convenience:

  • Eligibility Check: Clients must hold assets in U.S.-based bank or brokerage accounts, which serve as the basis for credit assessment.
  • Streamlined Application: The entire process is digital, simplifying traditionally complex cross-border procedures.
  • Daily Management: After approval, users can handle all card operations—from checking balances to making payments—via popular messaging apps like WhatsApp.

This model leverages partnerships with financial institutions. Karta currently works with approximately 85 private banks and wealth management firms globally, embedding its services to serve their high-net-worth clientele.

Market Outlook and Implications

Karta targets an underserved niche: globally mobile individuals with significant assets. By using asset verification instead of traditional U.S. credit scores, the company bypasses a longstanding exclusion in the financial system.

The strong vote of confidence from top-tier investors and the sizable debt facility highlight the growing interest in cross-border FinTech solutions. As wealth continues to flow across borders, demand for services that dismantle geographic financial barriers is poised to rise.