Backing Karta: Bringing U.S. Credit to a Global Customer Base

Galaxy Ventures invests at the convergence of financial services and disruptive technologies such as digital assets and AI. These technologies are working to reshape how financial services are built, distributed, and consumed, creating opportunities for startups to deliver entirely new experiences to users around the world.

We are investing in a new generation of fintech companies, like Rain and RedotPay, that leverage these technologies to enable anyone around the world to save their wealth in U.S. dollars and seamlessly spend and transfer those balances globally. To date, the early adopters of these new financial products have been emerging market and crypto-native users, who have historically been underserved. But what will the next generation of financial experiences look like for the mass market, or even high-net-worth (“HNW”) individuals?

Karta offers one of the first glimpses into the future, in our view.

Karta is a premium, U.S.-issued credit card built for the world’s wealthiest consumers and distributed through more than 80 of the world’s largest private banks and brokerages. Karta leverages both stablecoin infrastructure and AI to offer a differentiated experience for HNW individuals around the world. This powerful combination has made Karta one of the fastest-growing consumer fintech companies we have encountered.

Today, we are proud to announce our lead investment in Karta's $15 million Series A, part of a $140 million fundraise that includes a $125 million credit facility provided by Community Investment Management (CIM).

The Credit Gap For Global Consumers

For decades, the U.S. dollar has served as the world's reserve currency and the foundation of the global financial system. As a result, consumers around the globe increasingly seek access to dollar-denominated savings, U.S. financial institutions, and the unmatched depth and liquidity of American capital markets. The rise of crypto-powered fintechs and neobanks has only accelerated this trend, making it easier than ever for individuals to hold and transact in dollars regardless of where they live.

For HNW individuals, this often means maintaining significant assets with U.S.-based financial institutions. Yet despite established credit histories, significant wealth, and decades-long banking relationships in their home countries, many are effectively invisible to the U.S. credit system. Without a SSN or ITIN, they struggle to access U.S.-issued credit products and are left relying on debit cards, prepaid cards, or foreign-issued credit cards that penalize every swipe abroad.

Those penalties are steep. In Brazil, for example, international card purchases carry a 3.5% IOF tax before FX spreads and issuer fees are layered on top, pushing the all-in cost of spending abroad well into the high single digit percentages. For decades, American Express's International Dollar Card (IDC) program served this exact customer through private banking channels. With IDC’s discontinuation, a large and well-established market has been left without a purpose-built solution.

A U.S. Credit Card Built For Global Consumers

Karta fills this void with a premium U.S.-issued credit card designed specifically for affluent international consumers with assets in U.S. financial institutions. Cardholders receive zero FX fees, rewards, invite-only experiences, and crucially, access to unsecured credit with monthly charge functionality.

The key innovation is Karta's distribution-led underwriting model. Rather than relying purely on FICO scores, Karta partners directly with the private banks, brokerages, and wealth managers that already serve them. Credit limits are underwritten against verified assets held at those institutions, allowing Karta to extend credit based on demonstrated wealth rather than U.S. credit history.

Karta’s model is designed to create alignment across the ecosystem. Financial institutions gain access to a product their international clients demand. Clients gain near-instant access to a U.S.-issued credit card and the broader benefits of the American financial system. And Karta acquires high-value customers through trusted distribution channels rather than expensive direct-to-consumer marketing. More than 80 financial institutions have already joined Karta’s network, including Raymond James, Itau, Interactive Brokers, XP, and Insigneo.

Beyond access to credit, Karta is reimagining what premium financial services look like in an AI-native world. Through a 24/7 concierge delivered via WhatsApp, clients can delegate complex tasks ranging from travel changes and charge disputes to securing hard-to-access restaurant reservations and hotel bookings. The concierge can browse the web, place calls, send emails, and generate one-time virtual cards to complete transactions on a client's behalf, creating a level of service that typically included large teams of human agents.

Why We Invested

At Galaxy Ventures, we believe the most enduring consumer fintech companies combine three ingredients: a differentiated product, a powerful business model, and a unique distribution advantage. We find Karta stands out across all three dimensions. The result has been one of the fastest growth trajectories we have seen in consumer fintech. Karta grew revenue and payment volume more than 10x in 2025, followed by another 4x increase in Q1 2026 alone.

First, the product is distinctive. Karta combines stablecoin-powered infrastructure, traditional credit underwriting, and an AI-native concierge experience into a single offering built specifically for affluent international consumers. While many crypto neobanks have emerged in recent years, many offer debit-like functionality, requiring users to pre-fund accounts before spending. Karta is the first company we have seen deliver a true credit experience to this customer segment at scale.

Second, Karta is built on a business model we know well. Throughout fintech history, payment cards have proven to be one of the most effective wedge products because they create daily engagement while generating revenue through interchange in a way that feels nearly invisible to the customer. More importantly, Karta is not simply issuing a card – it is working to build trusted financial relationships with a global base of HNW consumers, including Formula 1 drivers, World Cup soccer champions, and global business leaders. We believe this customer base represents a compelling platform upon which the company can layer additional opportunities in wealth, banking, lending, and financial services products over time.

Finally, Karta is solving distribution in a clever way. Just as the defining mantra in real estate is “location, location, location,” we believe the equivalent principle in consumer fintech is “distribution, distribution, distribution.” Rather than acquiring customers through expensive direct-to-consumer marketing, Karta partners with private banks, brokerages, and wealth managers that already serve its target audience. This model offers efficient access to affluent customers through trusted institutions, positioning for lower acquisition costs, faster customer onboarding, and stronger long-term retention. We believe the more than 80 financial institutions that have already joined the network reflect the strength of this approach.

More broadly, Karta embodies a theme we have been investing behind for years: the convergence of financial services, digital assets, and AI. We believe the company is building the financial platform for a new generation of globally mobile wealth, and we are excited to partner with Freddy, Orlando, and the entire Karta team as they continue to scale.

Karta is a portfolio company of Galaxy Ventures.

Third-party data provided is unaudited and subject to methodological assumptions. Past performance is not indicative of future results.