/indianstartupnews/media/agency_attachments/s1FnhAYONODoxNkoC8xA.png)
Follow Us/indianstartupnews/media/media_files/vepd40nf5sgCNb25UnBe.png)
OneStack Founder Amit Kapoor
Indian fintech startup OneStack has raised $2 million in equity fundraise from several venture capital firms including GrowX, Stride Ventures, 9Unicorns, and Venture Catalyst.
The startup plans to use the raised capital to fuel its growth, drive team expansion, foster innovation, and establish nationwide offices, propelling it to unparalleled success. It also plans to bring more than 1,000 such institutions into the digital age within this year.
Founded in 2019 by former Airpay CEO Amit Kapoor, OneStack specializes in developing technology aimed at digitizing Indian cooperative banks and credit societies.
"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. We are set to transform the banking landscape, revolutionizing customer service and fuelling unprecedented growth," said Amit Kapoor.
"Despite the financial world's rapid digital transformation, many of these "last-mile" financial institutions continue to use outdated legacy systems, often relying on physical books and ledgers for record-keeping. OneStack's mission is to provide these organizations with a comprehensive digital platform, thereby simplifying their operations and enhancing the customer experience," the company said in a statement.
Besides, OneStack is preparing to launch a new product called OneCBS. This cloud-based platform, supplemented by integrated mobile applications, is designed specifically for the cooperative banking sector.
"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," said Ishpreet Singh Gandhi, founder & managing partner, Stride Ventures.
Also Read: