Fintech startup OneStack raised $2 million in funds led by growX ventures, Venture Catalyst, Stride Ventures, 9Unicorns, Sunil Kulkarni, and other existing investors.
OneStack Utilizing Funds to Drive Digital Transformation and Expansion
OneStack plans to utilize the fresh capital to digitize over 1,000 cooperative banks and credit societies throughout this year. The investment will also support the company’s efforts to expand its team and establish offices across India, according to a statement by OneStack.
OneStack’s Vision as a Technical Service Provider
Founded in 2019 by Amit Kapoor, the startup aims to become the leading technical service provider (TSP) for the co-operative sector by offering core banking solutions (OneCBS), mobile banking applications, UPI/QR services, and SoundBox.
OneStack Targeting a Large Addressable Market and Empowering Cooperative Banks
OneStack claims to have collaborated with over 200 banks and societies thus far. The company’s addressable market includes more than 1,200 urban cooperative banks, 8.5 lakh societies, and over 380 million Indians who bank with cooperative banks and societies. By helping these institutions embrace digital transformation, OneStack aims to enable them to compete with large banks and fintech companies.
Promoting Financial Inclusion and Contributing to India’s Fintech Growth
OneStack’s mission has garnered praise from industry experts. Ishpreet Singh Gandhi, founder and managing partner of Stride Ventures, highlighted the startup’s role in bridging the gap and providing essential digital banking services to the underserved segment. The introduction of SoundBox for cooperative banks and credit societies will further enhance their offerings in a market currently dominated by players like Paytm, PhonePe, BharatPe, and traditional banks.
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