9Unicorns, India’s first idea-phase accelerator VC fund, has recently led an undisclosed seed investment in OneStack, India’s financial super app that aims to empower its users to save, lend, spend, and grow their money without leaving their bank. Prominent institutional investors such as Angel Bay, and Faad Network also participated in the funding round, along with top angel investors including Kunal Shah and Abhishant Pant.
OneStack combines the vast domain expertise of its founder, Amit Kapoor, with the latest digital innovations to provide the users with a unique fintech experience. The startup’s value proposition involves partnering with long-tail banks to provide cutting-edge white label fintech solutions to their customers – thus turning conventional banking players into NEO banks. The application has a single dashboard that displays all of a user’s assets and liabilities, including their balance sheet and net worth, on a single platform.
Speaking on the investment, Amit Kapoor, Founder – OneStack, commented, “Indian banking eco system is much deeper then just the public sector banks & private sectors banks. We have Co-Operative Banks, Rural Banks, Regional Rural Banks, Rural Co-operative Banks, spread across the countr where the real Bharat banks. Through OneStack, our objective is to turn every Indian bank into a NEO bank by leveraging the combined power of Indian Stack and NBFC-AA. Our aim is to bolster the fintech space by building cutting-edge products for ‘Bharat’ and meeting the new-age financial requirements of the next 500-odd million internet users across the country. We are delighted to secure the support of 9Unicorns and other high-profile investors. We will leverage the capital infusion to strengthen our team and further embolden our tech infrastructure.”
Abhijeet Pai, Partner – 9Unicorns added, “Deloitte has recently highlighted fintech as the fastest-growing segment within the tech sector in India. Innovators with the right ideas have a lot to gain in this booming space, especially in light of the Government’s push towards turning India into a digital-first economy. OneStack’s unique offering and the founding team’s dedication give us the confidence that it will herald the next big disruption in the fintech domain. We are committed to supporting its growth journey, as it sets new benchmarks of success in the Indian BFSI industry.”