Who owns Karat?
short answerKarat is not itself a bank. It runs on a partner-bank (BaaS) model, where a licensed sponsor bank holds the deposits behind the app while Karat builds the product and interface. Karat's most notable disclosed backers include Union Square Ventures and SignalFire.
Is Karat a licensed bank?
No — it runs on a sponsor bank (BaaS model). Licence detail: Partner bank (Grasshopper Bank, N.A.); Karat Visa credit card issued by Cross River Bank.
Where is your money held?
Custody model: Custodial.
No sponsor bank or infrastructure provider is publicly documented for Karat yet. Know one? Suggest it.
Who's behind Karat?
Karat was founded by Eric Wei, Will Kim (2019), headquartered in Los Angeles, US.
Early investors
Is my money safe with Karat?
Deposits are held by Karat's sponsor bank, so any insurance flows through that bank rather than Karat. Check which sponsor holds your balance and whether it is passed through for per-customer coverage.
go deeperSee the full Karat profile with every verified field, or Karat alternatives. Raw fields: data.json.
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.