OneStack raises $2 mn from Pentathlon Ventures & others
The fintech startup ecosystem has been witnessing a significant surge in recent times, with numerous companies securing funding to drive their growth and expansion plans. The latest addition to this list is OneStack, which has secured $2 million in Series A funding led by Pentathlon Ventures, with Yatra Angel Network, 100Unicorns, and Venture Catalysts participating. This development marks a significant milestone for the company, which is looking to expand its presence in the Indian market.
According to reports, the funding round will be accompanied by an additional $1 million in the coming months. This influx of capital will enable OneStack to accelerate its growth plans, which include expanding its operations into new regions and onboarding more banks.
So, what does OneStack do and why is it significant in the fintech space? OneStack is a fintech startup that provides digital banking solutions to banks and financial institutions. Its platform enables banks to offer a range of services to their customers, including account opening, bill payments, and fund transfers, among others. The company’s platform is designed to be user-friendly, secure, and scalable, making it an attractive option for banks looking to digitize their operations.
OneStack’s success can be gauged by its impressive numbers. The company has already on-boarded over 200 banks, giving it a significant market share of 20% in North and West India. This is a testament to the company’s ability to understand the needs of its customers and deliver solutions that meet their requirements.
With this funding, OneStack plans to expand its operations into new regions, including South and East India. The company aims to on-board an additional 200 banks in these regions, further consolidating its position in the market.
The fintech space in India is highly competitive, with numerous startups vying for attention and market share. However, OneStack’s unique value proposition and impressive track record have enabled it to stand out from the crowd. The company’s focus on providing digital banking solutions to banks and financial institutions has helped it to establish a strong presence in the market.
The funding round was led by Pentathlon Ventures, a venture capital firm that focuses on investing in early-stage startups. The firm has a strong track record of investing in fintech companies, including the likes of PolicyBazaar and Paytm. Yatra Angel Network, 100Unicorns, and Venture Catalysts also participated in the funding round, demonstrating their confidence in OneStack’s growth potential.
In a statement, the founders of OneStack said, “We are thrilled to have secured Series A funding from a distinguished set of investors. This funding will enable us to accelerate our growth plans and expand our operations into new regions. Our focus remains on providing digital banking solutions to banks and financial institutions, and we are confident that our platform will continue to drive growth and innovation in the fintech space.”
The fintech space in India is expected to continue its rapid growth in the coming years, driven by increasing adoption of digital technologies and a growing need for financial inclusion. OneStack’s success is a testament to the company’s ability to capitalize on these trends and deliver solutions that meet the needs of its customers.
In conclusion, OneStack’s Series A funding round is a significant development in the fintech space, demonstrating the company’s potential for growth and expansion. With its impressive track record and unique value proposition, OneStack is well-positioned to continue its success in the coming years.
Source: https://startuptalky.com/news/onestack-raises-series-a-round/
