With participation from Yatra Angel Network and ongoing support from current investors 100Unicorns and Venture Catalysts, fintech platform OneStack has raised $2 million in its Series A round and is set to secure an additional $1 million led by Pentathlon Ventures.
Scalable technologies that promote digital transformation and financial inclusion in underserved markets will be funded with the proceeds.
Regional and rural banks can modernize operations and improve services with OneStack’s end-to-end solutions, which include Core Banking, Mobile Banking, NPCI UPI Switch, and BBPS Switch. OneStack was founded by Amit Kapoor and Vishal Gupta.
In addition to providing a unified technology stack, the platform functions as an application service provider (ASP) and technical service provider (TSP).
OneStack claims to have a 20% market share in North and West India, having already onboarded more than 200 cooperative banks. Its infrastructure serves 35 crore Indians and six crore MSMEs, and it supports seven of the 34 State Cooperative Banks.
Partner banks can independently issue branded UPI IDs and handle Bharat BillPay transactions with OneStack’s UPI Switch and BBPS Switch, reducing their dependency on outside platforms. Over 6,000 Soundboxes in 14 regional languages have been deployed by the brand since its most recent funding round.
