OneStack, a leading technology company focused on empowering cooperative banks and credit societies in India, today announced that it has raised $2 million in its latest funding round. This investment will power the company’s growth, drive team expansion, foster innovation, and establish nationwide offices, propelling it to unparalleled success.
With this new funding, OneStack plans to digitize over 1,000 cooperative banks and credit societies this year, marking a significant milestone in its mission to empower these financial institutions. The funding round attracted a diverse group of investors, including growX, Stride, 9Unicorns, Venture Catalyst, Mr. Sunil Kulkarni, and existing investors.
“We are thrilled to have the support of our investors as we embark on this exciting phase of growth,” said Amit Kapoor, Founder and CEO of OneStack. “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. With these additional resources, we are on the cusp of a revolution, empowering cooperative banks and credit societies to stand their ground in this digital epoch. Our mission extends beyond transformation and growth – we are dedicated to financial inclusion, bridging the gap for the next 40 crore Bharat customers. We are set to transform the banking landscape, revolutionizing customer service and fuelling unprecedented growth.”
OneStack is launching OneCBS (Core Banking Solution), which will further revolutionize the cooperative banking landscape. OneCBS is a cloud-based platform with integrated mobile applications and switch connectivities. This innovative solution enables banks and societies to streamline their operations, enhance customer experiences, and make data-driven decisions.
“OneStack is the vanguard in the cooperative banking sector, smashing through the digital divide and equipping banks and societies to fulfill the needs of today’s digital-native customers,” stated Manu Rikhye, Partner at growX. “Their trailblazing solutions will not only retain existing customers but also attract new ones, driving financial inclusion and growth.”
Furthermore, OneStack is introducing SoundBox, a branded merchant ecosystem solution for cooperative banks and credit societies. By offering their own SoundBox, these institutions can provide seamless digital payment services to their merchants, competing with leading fintech players in India.
“We are excited to partner with OneStack. They are focused on catering to the banks of Bharat and enriching the digital financial journeys of last-mile customers. With their innovative white-labelled app, OneStack is empowering cooperative banks to provide a personalized digital banking experience to their customers. They have emerged as the catalysts, bridging the divide for the underserved segment by opening the gates to essential digital banking services and contributing both to the Digital Bharat initiative and the Government’s financial inclusion goals,” added Mr Ishpreet Singh Gandhi, Founder & Managing Partner, Stride Ventures.
The addressable market for OneStack’s services is vast, with over 1,200 urban cooperative banks, 8.5 lakh societies, and more than 380 million Indians banking with cooperative banks and societies. These financial institutions hold approximately INR 20 lakh crore in deposits. However, many of them lack the necessary infrastructure and technology to cater to the evolving needs of their customers.
OneStack’s Mobile Application has become a game-changer in the cooperative banking sector, with a remarkable track record of activating over 200+ banks and societies. The integration of OneStack’s services into a bank’s existing systems is a seamless process, taking only two weeks, including testing. OneStack provides comprehensive technical support and training to ensure a smooth transition and continued success.
About OneStack:
OneStack’s objective is to make every Bharat Bank a Neo bank, OneStack aspires to be the TSP (Technical Service Provider) for cooperative sector providing Core Banking Solution (OneCBS), Mobile Banking Application, UPI/QR Services & Soundbox.
Onestack will digitize the cooperative sector with new age technology, which will enable the banks to engage & retain their customers & grow their CASA (Current Accounts & Savings Account). The customers of these banks will now be able to access to the full range of needs-based financial services – savings, credit, insurance, payments – and over all solve the financial inclusion objective of Bharat.
