Gurugram based fintech OneStack has raised $ two million in equity funding from various venture funds, including GrowX, Stride Ventures, 9Unicorns and Venture Catalyst.
OneStack builds technology for Indian cooperative banks and credit societies and is aiming to digitise more than 1,000 of them this year. 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 digitise their processes quickly and make life easier for their customers too.
OneStack was founded in 2019 by Amit Kapoor, who was previously the chief executive officer of digital payments firm Airpay. Earlier, the company had raised a $244,000 seed round in 2021 from a bunch of angel investors and a few funds that also participated in this round.
“This infusion of funds does more than merely enable us to augment our product suite and broaden our footprint across India; it 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,” said Amit Kapoor, Founder and CEO of OneStack
OneStack is also launching OneCBS (Core Banking Solution), is a cloud-based platform with integrated mobile applications and switch connectivities. This solution will enable banks and societies to streamline their operations, enhance customer experiences, and make data-driven decisions.
- Also Read: Pixxel raises $36 m Series B funding
“OneStack is the vanguard in the cooperative banking sector, smashing through the digital divide and equipping banks and societies to fulfill the needs of today’s digital-native customers,” stated Manu Rikhye, Partner at growX