OneStack Raises $2 Mn from Pentathlon Ventures & Others
In a significant development in the fintech landscape, OneStack, a digital banking platform, has secured $2 million in Series A funding, marking a major milestone in its journey to revolutionize the way financial institutions operate. The funding round was led by Pentathlon Ventures, with Yatra Angel Network, 100Unicorns, and Venture Catalysts participating.
OneStack’s innovative approach to digital banking has already gained significant traction, with over 200 banks onboarded and a market share of 20% in North and West India. The startup plans to leverage this funding to expand its operations into South and East India, with the aim of onboarding an additional 200 banks.
Founded in 2018, OneStack aims to make digital banking more accessible and user-friendly for financial institutions and their customers. The platform offers a range of services, including account opening, lending, and payments, all through a single, intuitive interface. OneStack’s technology-enabled solution allows banks to reduce operational costs, improve customer experience, and increase revenue.
The funding round is expected to be followed by an additional $1 million, which will further accelerate OneStack’s growth plans. The startup’s leadership team is committed to using this funding to strengthen its product offerings, expand its team, and enhance its technology infrastructure.
OneStack’s success is a testament to the growing demand for digital banking solutions in India. The fintech industry in India has witnessed significant growth in recent years, driven by the increasing adoption of digital payments, the rise of e-commerce, and the need for financial institutions to modernize their operations. Against this backdrop, OneStack’s innovative approach to digital banking has resonated with financial institutions and customers alike.
The funding round is also a validation of Pentathlon Ventures’ investment thesis, which focuses on backing startups that have the potential to disrupt traditional industries. Yatra Angel Network, 100Unicorns, and Venture Catalysts have also demonstrated their faith in OneStack’s vision and growth potential.
OneStack’s plans to expand into South and East India are significant, given the massive potential for digital banking adoption in these regions. The startup aims to leverage its existing relationships with banks in North and West India to build a strong presence in the new markets. With its technology-enabled solution and user-friendly interface, OneStack is well-positioned to capitalize on the growing demand for digital banking services in these regions.
In conclusion, OneStack’s $2 million funding round is a significant milestone in the fintech startup’s journey. The funding will enable the startup to expand its operations, strengthen its product offerings, and enhance its technology infrastructure. As the fintech industry continues to evolve, OneStack is well-positioned to play a major role in shaping the future of digital banking in India.
Source: https://startuptalky.com/news/onestack-raises-series-a-round/
