With over 1,200 urban cooperative banks, 850,000 societies, and more than 380 million Indians banking with cooperative banks and societies that together hold approximately IN 20 lakh crore ($250 billion) in deposits, the Indian banking system still lacks the necessary infrastructure and technology to cater to the evolving needs of their customers.
With a mission to revolutionalize banking and equip banks and financial societies with digital capabilities to fulfil the needs of today's digital-native customers, OneStack, an Indian fintech startup has raised $2 million in its Series A round from GrowX ventures. This follows a $244K seed round in 2021 raised from a bunch of angel investors and a few funds.
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With the funding, the fintech plans to use to empower over 1,000 cooperative banks and credit societies through digitization. It will also be used to drive team expansion, foster innovation, and establish nationwide offices, the company said in a press release.
OneStack will launch OneCBS (Core Banking Solution), a cloud-based platform with integrated mobile applications and switch connectivities, that would enable banks and societies to streamline their operations, enhance customer experiences, and make data-driven decisions, which will further revolutionize the cooperative banking landscape.
The funding round attracted a group of other investors, including; Stride, 9Unicorns, Venture Catalyst, Mr Sunil Kulkarni, and existing investors.
Founded in 2019 by Amit Kapoor, OneStack provides comprehensive technical support and training to ensure a smooth transition and continued success. The Gurugram-based mobile application claims to have a track record of activating over 200 banks and societies.