OneStack, a fintech platform for cooperative banks in India, has raised $2 million in a Series A funding round led by Pentathlon Ventures. The round also saw participation from Yatra Angel Network and existing investors 100Unicorns and Venture Catalysts.
OneStack also plans to secure an additional $1 million soon as a part of the same funding round.
The funds raised will be used to expand into South and East India with localized onboarding teams and vernacular support.
Previously in 2023, OneStack raised $2 million in its pre-Series A funding round from GrowX Ventures, Stride Ventures, 9Unicorns, Venture Catalyst and others.
Amit Kapoor, co-founder of OneStack, said, “Our mission is to make every Bharat bank a neo-bank. With this funding, we aim to extend our footprint into South and East India, targeting an additional 200+ banks to achieve a pan-India market share of 20%. Simultaneously, we will deploy our CBS across 50+ institutions and onboard 100+ banks onto our NPCI UPI & BBPS Switch, enabling them to offer UPI services under their own branding. This expansion will directly impact financial inclusion for 5 crore Indians over the next 18 months.”
Apoorva Ranjan Sharma, Managing Director, Venture Catalysts, said, “OneStack’s unique positioning as a full-stack enabler for cooperative banks aligns with our vision of backing platforms that democratize access to critical infrastructure. Their ability to penetrate Tier II/III markets and deliver ROI-driven solutions positions them as a catalyst for India’s next wave of banking digitization. Our investment in OneStack resonates with our goal of backing founders who solve complex, large-scale challenges.”
“At Pentathlon Ventures, we believe in backing disruptive B2B tech startups that redefine industries, and Onestack is a perfect example. India’s cooperative banking sector, serving over 230 million people, has long been underserved in digitization. OneStack is bridging this gap by empowering these banks with cutting-edge financial technology. Onestack is not just about digitization but about unlocking new efficiencies, trust, and financial inclusion at scale. We are excited to lead this funding round and support OneStack in revolutionizing Bharat’s financial landscape while creating a category leader in cooperative banking technology,” Sandeep Chawda, Managing Partner at Pentathlon Ventures added.
Founded in 2019 by Amit Kapoor and Vishal Gupta, OneStack operates as a Technical Service Provider (TSP) and Application Service Provider (ASP), offering a unified technology stack to digitize India’s cooperative banking ecosystem.
OneStack provides banks with tools to increase CASA deposits, offer credit facilities, and deliver insurance products through a SaaS-based model.
The platform offers end-to-end solutions like Core Banking, Mobile Banking, NPCI UPI Switch, and BBPS Switch, allowing regional and rural banks to modernize operations and enhance services to compete with larger institutions.
Onestack’s UPI Switch and BBPS Switch enable partner banks to independently issue branded UPI IDs and process Bharat BillPay transactions, minimizing reliance on third-party platforms.
OneStack’s asset-light SaaS model, charging banks on a per-user/month basis, ensures predictable revenue streams while scaling with partner institutions.
With over 200 cooperative banks already onboarded, OneStack claims to command a 20% market share in North and West India and supports seven out of 34 State Cooperative Banks, serving 35 crore Indians and six crore MSMEs through its infrastructure.
The company has deployed over 6,000 Soundboxes in 14 regional languages, improving payment connectivity in rural markets.
