OneStack builds technology for Indian cooperative banks and credit societies and is aiming to digitise more than 1,000 of them this year. These last-mile financial institutions are still operating on legacy systems and are in many cases run on physical books and ledgers. OneStack aims to offer them a digital stack that can help digitise their processes quickly and make life easier for their customers too.
The Series A round will help expand the team, drive growth and also fund innovation that can strengthen its product offerings, the company said in a release.
OneStack was founded in 2019 by Amit Kapoor, who was previously the chief executive officer of digital payments firm Airpay. It had raised a $244,000 seed round in 2021 from a bunch of angel investors and a few funds that also participated in this round.
“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,” said Kapoor.
OneStack plans to launch a core banking solution called OneCBS, targeted at the cooperative banking landscape. OneCBS is a cloud-based platform with integrated mobile applications, which will help banks and societies streamline their operations, enhance the customer experience, and drive data-based decisions.
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