Gurugram-based Fintech Startup OneStack Raises $2 Mn Funding
OneStack, a Gurugram-based fintech startup, has raised $2 million in a pre-series A funding round from a clutch of venture funds, including GrowX, Stride Ventures, 9Unicorns and Venture Catalyst.
As per the startup, the freshly raised funds will help expand the team, drive growth and fund innovation that can strengthen its product offerings.
It plans to digitize over 1,000 cooperative banks and credit societies this year, marking a significant milestone in its mission to empower these financial institutions.
OneStack | Building Technology For Indian Cooperative Banks and Credit Societies
Founded in 2019 by Amit Kapoor, who was previously the chief executive officer of digital payments firm Airpay, OneStack builds technology for Indian cooperative banks and credit societies. It claims to have a track record of activating over 200 banks and societies and aims to digitize more than 1,000 of them this year.
As per the startup, these last-mile financial institutions are still operating on legacy systems and are in many cases run on physical books and ledgers. OneStack aims to offer them a digital stack that can help digitize their processes quickly and make life easier for their customers too.
Speaking about the development, Amit Kapoor, Founder and CEO of OneStack, said,
“We are thrilled to have the support of our investors as we embark on this exciting phase of growth. This infusion of funds does more than merely enable us to augment our product suite and broaden our footprint across India, & propels our growth journey at an accelerated pace. With these additional resources, we are on the cusp of a revolution, empowering cooperative banks and credit societies to stand their ground in this digital epoch.”
With over 1,200 urban cooperative banks and 8.5 lakh societies, the addressable market for OneStack’s services is vast. More than 80 million Indians are banking with cooperative banks and societies. Also, these financial institutions hold approximately Rs 20 lakh crore in deposits. However, many of them lack the necessary infrastructure and technology to cater to the evolving needs of their customers.
To support this, the Gurugram-based fintech startup plans to launch a core banking solution called OneCBS. Targeted at the cooperative banking landscape, OneCBS is a cloud-based platform with integrated mobile applications.
It will help banks and societies streamline operations, enhance the customer experience, and drive data-based decisions.
Commenting on the development, Ishpreet Singh Gandhi, Founder & Managing Partner at Stride Ventures, said,
“We are excited to partner with OneStack. They are focused on catering to the banks of Bharat and enriching the digital financial journeys of last-mile customers. With their innovative white-labelled app, OneStack is empowering cooperative banks to provide a personalized digital banking experience to their customers. They have emerged as the catalysts, bridging the divide for the underserved segment by opening the gates to essential digital banking services and contributing both to the Digital Bharat initiative and the Government’s financial inclusion goals.”
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